Total tax revenue received by government can be expressed as
A. . T/Q.
B. . T+Q.
C. . T×Q.
D. . T-Q.
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Suppose a tax is imposed on the buyers of a product. The burden of the tax will fall
A. . entirely on the buyers.
B. . entirely on the sellers.
C. . entirely on the government.
D. . on both the buyers and the sellers.
A tax placed on a product causes the price the buyer pays
A. . and the price the seller receives to be higher.
B. . and the price the seller receives to be lower.
C. . to be lower and the price the seller receives to be higher.
D. . to be higher and the price the seller receives to be lower.
A law requiring sellers to pay the government a tax on cigarettes has the effect of
A. . shifting the supply curve to the right.
B. . changing the slope of the supply curve.
C. . shifting the supply curve to the left.
D. . changing the slope of the demand curve.
If the tax on bottled water were raised by $1 per bottle, we would expect
A. . buyers to bear the entire tax in the form of higher prices.
B. . sellers to bear the tax in the form of lower prices.
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. . government revenues to fall.