Which of the following statements about the burden of a tax is correct ?
A tax placed on a good that is a necessity for consumers will likely generate a tax burden that ?
When a tax is collected from the buyers in a market, ?
Within the supply and demand model, a tax collected from the sellers of a good shift the ?
Which of the following workers would be most likely to find it more difficult to get a job after a rise in the minimum wage rate?
Which of the following is an example of price floor ?
Which side of the market is more likely to lobby government for a price floor ?
A binding price ceiling creates?
For which of the following products would the burden of a tax likely fall more heavily on the sellers ?
The burden of a tax falls more heavily on the buyers in a market when ?
The burden of a tax falls more heavily on the sellers in a market when ?
Which of the following takes place when a tax is placed a good ?
Within the supply and demand model, a tax collected from the buyers of a good shifts the ?
Which of the following statements is true if the government places a price ceiling on petrol at Rs150 per litre and the equilibrium price is Rs100 per litre ?
The surplus caused by a binding price floor will be greatest if ?
Which of the following statements about a binding price ceiling is true ?
Suppose the equilibrium price for apartments is Rs500 per month and the government imposes rent controls of Rs250 Which of the following is unlikely to to occur as a result of the rent controls?
For a price ceiling to be binding constraint on the market the government must set it ?

A price floor ?

A. always determines the price at which a good must be sold
B. sets a legal maximum on the price at which a good can be sold
C. is not a binding constraint if it is set above the equilibrium price
D. sets a legal minimum on the price at which a good can be sold

Correct Answer: sets a legal minimum on the price at which a good can be sold ✔

Last Updated: June 18, 2019