Refer to Sales Tax. Area C + D + F + G
The following questions refer to the accompanying diagram which shows the effects of a sales tax imposed on consumers. The initial price and quantity are P0 and Q0, respectively. After the tax is imposed, the equilibrium quantity is Q1, firms receive the price Ps, and consumers pay the price Pd.
a. the total value that consumers receive from their purchases.
b. the tax revenue collected by the government.
c. the fall in producers' surplus.
d. the deadweight loss due to the tax.
b. the tax revenue collected by the government.
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Suppose the Utopian economy has the following characteristics: 100,000 people in the noninstitutional population; 80,000 people employed; 20,000 people not in the labor force. What's the unemployment rate?
A) -20 percent B) 0 percent C) 25 percent D) 60 percent E) 80 percent
Since 1870, U.S. labor productivity growth has averaged roughly 2.1 percent annually
a. True b. False Indicate whether the statement is true or false