This ECO 102 H REVIEW focuses on Chapter 8, exploring the implications of taxation in market dynamics. It assesses understanding of tax necessity, market effects, burden distribution, and concepts like deadweight loss. Essential for learners studying economic policies and market behavior.
True
False
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Buyers and sellers
Buyers
Sellers
Depends on the government
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Elasticities
Quantity
Curve
Shifts
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Shift to the left
Shift to the right
Fall
Increase
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True
False
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True
False
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True
False
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True
False
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Area of the deadweight loss is a triangle that depends on the sides.
It follows a parabolic graph that will never touch the x axis.
Its area is a square so it depends on the length multiplied by the width.
It creates a hyperbola that has its maximum at the center.
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Steeper
Lower
Greater
Wider
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Shift to the left
Die
Increase
Shrink
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Lost Income
Surplus Lost
Lost Revenue
Income Lost
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Their different interpretation of the supply and demand curve.
The differences of their views about the elasticity.
Their ethical values and cultural differences.
Whether they specialize in macroeconomics or microeconomics.
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Because it causes low-cost business to be stop
Because it burdens the buyers and the sellers
Basically because it increases the price of the good
They prevent buyers and sellers from realizing some of the gains from trade
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No revenue would be raised
People will still continue their work
Inflation occurs in the society
The buyer with the highest value, and the seller with the least cost will go out from the market.
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Demand-side economics
Supply-side economics
Tax-wise economics
Tax-free economics
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Greater
Less
Equal
Slightly higher
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True
False
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