A wage is the price for labor. A minimum wage set above equilibrium wage would be an example of:
A. a. a price ceiling.
B. b. a price floor.
C. c. a gap in prices or wages.
D. d. a wage settlement.
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Tax incidence deals with
A. a. the level of taxable income.
B. b. the level of taxation on sales.
C. c. the dollar amount of incidental taxes.
D. d. who bears the burden of a tax.
Sellers pay more of a tax imposed on a good when
A. a. the demand for the good is more inelastic.
B. b. the supply of the good is more elastic.
C. c. the supply of the good is less elastic.
D. d. the supply of and the demand for the good have the same elasticity.
Assume the government wants to impose a tax on wine. It wants to minimize the negative impact the tax has on consumers in the form of higher prices. It will achieve this goal if
A. a. demand is relatively elastic.
B. b. demand is relatively inelastic.
C. c. supply is relatively elastic.
D. d. the supply curve and the demand curve for wine have the same elasticity.
If the tax on bottled water were raised by $1 per bottle, we would expect
A. a. buyers to bear the entire tax in the form of higher prices.
B. b. sellers to bear the tax in the form of lower prices.
C. c. part of the tax to fall on buyers in the form of higher prices, and part of the tax to fall on sellers in the form of lower prices.
D. d. government revenues to fall.
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