The figure above shows the market for tires. The government has imposed a tax on tires, and the sellers pay ________ of the tax
A) $10
B) $20
C) $50
D) $60
E) $30
B
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An income tax in which the average tax rate increases with income is called a
A) regressive income tax. B) proportional income tax. C) flat-rate income tax. D) progressive income tax.
Which of the following would be most likely to increase the quantity of money demanded?
a. A decrease in real income b. An increase in real income c. A decrease in the interest rate d. An increase in the cost of converting other assets into money e. An increase in the price level
The Federal Reserve consists of ________ regional banks, ________ governors on the Board of Governors, and ________ voting members of the Federal Open Market Committee.
A. 14; 7; 21 B. 7; 12; 12 C. 12; 7; 12 D. 12; 7; 19
Perfect competition means that firms are
A. powerful sellers. B. price makers (firms set the price of the market). C. unable to make normal profits. D. price takers (firms must accept the price of the market).