A $10 excise tax on the sale of jeans by charging suppliers $10 for each pair of

A $10 excise tax on the sale of jeans by charging suppliers $10 for each pair of jeans sold. If the demand curve is downward-sloping and the supply curve is upward-sloping:
the price of jeans will increase by less than $10.
consumers of jeans will bear the entire burden of the tax.
the price of jeans will increase by $10.
the price of jeans will decrease by $10.
Question 2
An excise tax that the government collects from the consumers of a good:
shifts the demand curve upward.
shifts the demand curve downward.
reduces revenue for the government.
has an effect similar to that of a tax subsidy.
Question 3
Suppose the demand for a good is relatively elastic compared to the supply, so if a tax is imposed on the consumers, the tax incidence:
Group of answer choices
is typically on consumers more than consumers.
is typically on producers more than producers.
cannot be determined without more information.
is typically split equally between consumers and producers.
Question 4
A higher tax rate is more likely to increase tax revenue if the price elasticity of demand is _____ and the price elasticity of supply is _____.
Group of answer choices
high; low
high; high
low; high
low; low
Question 5
The costs for the use of factors of production such as labor and capital is an:
Group of answer choices
economic profit.
implicit cost.
accounting profit.
explicit cost.
Question 6
There is a small business. Which factor is an implicit cost of the business?
Group of answer choices
the monthly utility bill
input costs
another job offer
wages paid to part-time employees
Question 7
Suppose a company has explicit costs of $200,000 per year and implicit costs of $50,000 per year. If the company earned an economic profit of $50,000 last year, the store’s accounting profit equaled:
Group of answer choices
$10,000
$50,000
$100,000
$200.000
Question 8
You decide to quit your $60,000-per-year job as an information technology specialist and illustrate children’s books. At the end of the first year of illustrating, you have earned $20,000. You also spent $5,000 for paint and paper. Your economic profit in the first year as an illustrator is:
Group of answer choices
$15,000.
$20,000.
–$40,000.
–$45,000.
Question 9
Which good is MOST likely to display increasing marginal utility over some range?
lobsters, which are so expensive that you must eat two to get your money’s worth
paint, because you need enough to paint at least one entire room
chicken during the 1920s, when it was considered a luxury good
peanut butter and jelly sandwiches
Question 10
In a small rural town, an additional minute of high-speed Internet service would have a _____ marginal utility than in New York City, while in New York City, quiet evenings would carry a _____ marginal utility than on a small rural town.
Group of answer choices
higher; lower
lower; higher
higher; higher
lower; lower
Question 11
If diminishing marginal utility applies to both grapes and apples, if Vanessa buys more grapes and fewer apples, the _____ utility of grapes will _____, and the _____ utility of apples will _____.
Group of answer choices
marginal; rise; total; rise
marginal; fall; marginal; rise
marginal; rise; marginal; fall
total; fall; marginal; rise
Question 12
Alan has a monthly income of $20 that can be spent on books (B) and pencils (P). The price of a book is $5 and the price of a pencil is $0.50. Which bundle of books and pencils is NOT affordable for Alan?
2 books and 30 pencils
1 book and 20 pencils
4 books and no pencils
2 books and 20 pencils
Question 13
A total product curve indicates the relationship between _____ when all other inputs are fixed.
a variable input and output
a variable input and price
a variable input and variable cost
output and price
Question 14
When Dorothy’s dress factory hires two workers, the total product is 50 dresses. When she hires three workers, total product is 60, and when she hires four workers, total product is 75. The slope of the marginal product curve between two and four workers hired is:
zero
positive
negative
infinite
Question 15
The marginal product of labor is the change in _____ divided by the change in _____.
Group of answer choices
average output; the quantity of labor
labor; total product
total output; the quantity of labor
total costs; the quantity of labor
Question 16
If the marginal cost of the first sports jersey is $21, the marginal cost of the second sports jersey is $40, and the marginal cost of the third jersey is $17, what is the total variable cost of producing two jerseys?
$26
$61
$17
$78
Question 17
A firm that is in an oligopoly knows that its _____ affect its _____ and that the _____ of its rivals will affect it.
Group of answer choices
actions rarely; rivals; actions
price increases; total revenue in the long run only; large but not small price changes
price changes; total revenue in a positive way; reactions
actions; rivals; reactions
Question 18
Collusive agreements are typically difficult for cartels to maintain because each firm can increase profits by:
charging more than the price that maximizes joint cartel profits.
producing less than the quantity that maximizes joint profits.
advertising less than will maximize joint cartel profits.
producing more than the quantity that maximizes joint profits.
Question 19
Marcus’ Market and Grover’s Grocery are the only two providers of food market in their small town. Marcus and Grover decide to form a cartel to raise the price of gasoline. The total industry profits are highest when _____ cheat(s) on the agreement, and Grover’s profits are highest when _____.
neither firm; Gary cheats but Frank does not
both Gary and Frank; both Gary and Frank cheat
both firms; Gary cheats but Frank does not
neither firm; neither firm cheats on the agreement
Question 20
Suppose that each of two prisoners has the independent choice of confessing to a crime or not confessing to a crime they were both alleged to commit. If neither confesses, both spend two years in prison; if both confess, both spend three years in prison. If one confesses and the other does not, the confessor gets off with one year but the other gets six years. According to game theory, the MOST likely strategy of the prisoners is that:
both may or may not confess.
both will confess.
neither will confess.
one will confess and the other will not.