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Economics 101 Practice Test: Taxation
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Economics 101 Practice Test: Taxation
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25 Questions

1. The result of a tax placed on land would be
2. As the size of a tax increases
3. Deadweight loss is the
4. A tax placed on a good
5. A tax on a good will affect welfare because it
6. If the supply of land is fixed, a tax on land would be paid
7. Assume that the demand for potato chips is relatively inelastic and that the demand for Snickers is relatively elastic. If the same percentage tax were placed on both goods, the tax on which product would create a larger deadweight loss?
8. One side-effect of the tax cuts made during Ronald Reagan’s terms as president was
9. The effect of a tax placed on a good will be to
10. The higher a country’s tax rates the more likely that country will be
11. When a tax is levied on a good
12. What determines the amount of deadweight loss that will result from a tax?
13. Deadweight loss refers to the
14. Critics of supply-side economics suggest that substantial tax cuts would lead to
15. Ronald Reagan and Arthur Laffer both believed that reducing income tax rates would
16. A tax levied on the buyers of a product shifts the
17. What determines the amount of deadweight loss that will result from a tax?
18. Economists generally agree that the most important tax in the U.S. economy is the tax on
19. Ultimately, it does not matter whether a tax is levied on the buyer or seller of the good because
20. If a tax is levied on the supplier of a product, the
21. A tax on a good will affect welfare because it
22. The term used by economists for the benefit received by buyers in a market is
23. When a tax on a good is enacted,
24. Which of the following is generally considered to be the most important tax in the U.S. economy?
25. A major political problem with collecting taxes to finance government spending is that

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