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Question
Which of the following statements is concerned with efficiency rather than equity?
a. Sales taxes on food are regressive and should be eliminated.
b. Income taxes should be raised on low-income families so that everyone pays.
c. The United States should implement a wealth tax on upper-income households.
d. Excise taxes tend to raise prices for consumers.
e. The overall tax system in the United States should be much more progressive.
Answer
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Related questions
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The economic entity most likely to engage in price gouging is
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What will an individual do differently as a buyer in the black market in the long run?
a. He or she will substitute away from the product.
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What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
b. A surplus will continue to exist and will grow smaller over time.
c. A shortage will continue to exist and will grow larger over time.
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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Q:
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A(n) ________ in the elasticity of supply or demand in a market for a good that is taxed would tend to ________ who is legally responsible for paying the tax.a. decrease; broaden b. decrease; have no effect on c. increase; broadend. increase; narrowe. increase; have no effect on
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Peanut butter and jelly are complements. If a tax is imposed on peanut butter, how will that affect the market for jelly?
a. Demand for jelly will increase along with the price.
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e. The supply of jelly will decrease and the price will increase.
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Q:
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