The inefficiency of a sales tax on a good is ultimately the result of the
A) low tax revenue earned by the government relative to the cost of collection.
B) wedge between what buyers pay for the good and what sellers receive for the good.
C) buyers being unable to avoid paying the tax.
D) sellers being unable to avoid paying the tax.
E) increase in the consumer surplus that is more than offset by the decrease in the producer surplus.
B
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In September 2008, Toyota Motor's share of the U.S. auto sales market was 15 percent, Ford's market share was 12.1 percent, GM's was 29.1 percent, Honda's was 10 percent, Nissan's share was 6.2 percent, and Chrysler's market share was 11.1 percent
What type of market structure would the market for autos represent? A) monopolistic competition B) monopoly C) oligopoly D) markets and competitive environment
Of the following, which is the best example of good with a perfectly inelastic demand?
A) the demand for gasoline B) the demand for tickets in New York City when the Mets or Yankees are in the World Series C) the demand for a college education by a student who has a full scholarship to an Ivy League school D) a diabetic's demand for insulin
Regarding the Interstate Commerce Commission (ICC),
(a) historians agree that it was primarily "captured" by the industry that it was supposed to regulate. (b) historians agree that it was primarily "captured" by passengers and shippers to the disadvantage of the railroads. (c) historians generally agree that it was not "captured" by any group, but rather served the public well. (d) historians do not "agree" on any of the above.
Generally speaking, protection from foreign competition benefits:
a. both domestic producers and foreign producers. b. both domestic consumers and foreign consumers c. domestic consumers and foreign consumers. d. neither domestic producers nor foreign producers. e. domestic producers at the expense of domestic consumers.