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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. Economists generally agree that the most important tax in the U.S. economy is the tax on
2. A tax levied on the buyers of a product shifts the
3. Ultimately, it does not matter whether a tax is levied on the buyer or seller of the good because
4. The term used by economists for the benefit received by buyers in a market is
5. Ronald Reagan and Arthur Laffer both believed that reducing income tax rates would
6. One side-effect of the tax cuts made during Ronald Reagan’s terms as president was
7. The higher a country’s tax rates the more likely that country will be
8. A tax placed on a good
9. A major political problem with collecting taxes to finance government spending is that
10. If a tax is levied on the supplier of a product, the
11. The views held by Arthur Laffer and Ronald Reagan that cuts in tax rates would encourage people to increase the quantity of labor they supplied became known as
12. Deadweight loss refers to the
13. If the supply of land is fixed, a tax on land would be paid
14. Taxes imposed on labor will encourage each of the following EXCEPT
15. A tax on a good will affect welfare because it
16. The greater the elasticities of demand and supply the
17. What determines the amount of deadweight loss that will result from a tax?
18. As the size of a tax increases
19. The effect of a tax placed on a good will be to
20. When a tax on a good is enacted,
21. When a tax is levied on a good
22. 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?
23. Deadweight loss is the
24. Which of the following is generally considered to be the most important tax in the U.S. economy?
25. If the size of a tax is tripled, the deadweight loss from the tax would

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