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Economist Arthur Laffer made the argument that tax rates in the United States were so high that reducing the rates would increase tax revenue.

A) True
B) False

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Figure 8-4 Figure 8-4 -Refer to Figure 8-4.After the tax is levied,consumer surplus is represented by area A) a. B) A + B + C. C) D + E + F. D) F. -Refer to Figure 8-4.After the tax is levied,consumer surplus is represented by area


A) a.
B) A + B + C.
C) D + E + F.
D) F.

E) A) and B)
F) None of the above

Correct Answer

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Figure 8-3 Figure 8-3 -Refer to Figure 8-3.The amount of deadweight loss as a result of the tax is A) $210. B) $420. C) $560. D) $980. -Refer to Figure 8-3.The amount of deadweight loss as a result of the tax is


A) $210.
B) $420.
C) $560.
D) $980.

E) A) and C)
F) C) and D)

Correct Answer

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Which U.S.president lost his bid for re-election,in part because he had broken an earlier campaign promise to refrain from imposing any new taxes?


A) Lyndon B.Johnson
B) Jimmy Carter
C) George H.W.Bush
D) Bill Clinton

E) A) and B)
F) B) and D)

Correct Answer

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If the size of a tax doubles,the deadweight loss rises by a factor of six.

A) True
B) False

Correct Answer

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