Figure 18-2 ____ 31. Figure 18-2 shows the widget market before and after an exc
ID: 1213832 • Letter: F
Question
Figure 18-2
____ 31. Figure 18-2 shows the widget market before and after an excise tax is imposed. The tax per widget equals ____.
a.
$5
b.
$20
c.
$25
d.
$30
____ 32. Figure 18-2 shows the widget market before and after an excise tax is imposed. After the tax is imposed, the amount that a firm keeps for itself from the sale of each widget is ____.
a.
$95
b.
$100
c.
$120
d.
$125
____ 33. Figure 18-2 shows the widget market before and after an excise tax is imposed. The revenue collected by the tax is ____.
a.
$8,000
b.
$50,000
c.
$100,000
d.
$150,000
____ 34. Figure 18-2 shows the widget market before and after an excise tax is imposed. What percentage of the tax per widget is borne by consumers, considering the true economic incidence of the tax?
a.
0 percent
b.
20 percent
c.
50 percent
d.
80 percent
a.
$5
b.
$20
c.
$25
d.
$30
S with tax- 125 120 t- 100 95 4,000 6,000Explanation / Answer
31.) a.) $20
32.) d.) $125
33.)a.) $8000
34.) c.) 50 percent
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