Principles of Macroeconomics (MindTap Course List)
7th Edition
ISBN: 9781285165912
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 8.3, Problem 3QQ
To determine
The double tax on gasoline and its impacts.
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if the government doubled the tax on gasoline,can you be sure that revenue from the gasoline tax will rise ? can you be sure that the deadweight loss from the gasoline tax will rise?
If the government doubles the tax on gasoline,
can you be sure that revenue from the gasoline
tax will rise?
What happens to the deadweight loss and taxrevenue when a tax is increased?
Chapter 8 Solutions
Principles of Macroeconomics (MindTap Course List)
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- Would consumer or producer carry the burden of tax if good is elastic? Show on a grapharrow_forwardDraw a supply-and-demand diagram of the market for liquor without the tax. Show the price paid by consumers, the price received by producers, and the quantity of liquor sold. What is the difference between the price paid by consumers and the price received by producers? Now draw a supply-and-demand diagram for the liquor market with the tax. Show the price paid by consumers, the price received by producers, and the quantity of liquor sold. What is the difference between the price paid by consumers and the price received by producers? Has the quantity of liquor sold increased or decreased?arrow_forwardThe government is considering imposing an excise tax on the following set of items. If the government wants to minimize the deadweight loss (DWL) of taxation, which of the following items are good candidates for an excise tax Choose one or more: A. Tangerines B. Gasoline C. Salt D. Ford trucksarrow_forward
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