This pack of ECO 204 Week 4 Quiz consists of:<\/b><\/p>\n
1. Marginal damage cost is the<\/p>\n
additional harm done by increasing the level of an externality-producing activity by one unit.<\/p>\n
additional cost to society resulting from a privately owned firm producing one more unit of a product.<\/p>\n
amount a consumer pays to produce an additional unit of a good.<\/p>\n
additional cost to society resulting from a consumer consuming one more unit of a good.<\/p>\n
2. Tax shifting ________ .<\/p>\n
is the way in which a tax is structured<\/p>\n
is the ultimate distribution of a tax’s burden<\/p>\n
occurs when taxes cause prices to increase, but wages to fall<\/p>\n
occurs when taxed agents can alter their behavior and do something to avoid paying a tax<\/p>\n
3. The official poverty line in the United States is set ________ .<\/p>\n
equal to one-half the average income in the United States<\/p>\n
at three times the cost of the Department of Agriculture’s minimum food budget<\/p>\n
at three times the cost of the Department of Housing’s minimum housing allowance<\/p>\n
at the amount necessary to allow an individual to buy the same market basket of goods that the average urban wage earner can afford<\/p>\n
4. If the marginal tax rate equals the average tax rate, the tax would be<\/p>\n
proportional.<\/p>\n
regressive.<\/p>\n
progressive.<\/p>\n
uniform.<\/p>\n
5. Air pollution generated by a steel mill is an example of<\/p>\n
a positive production externality.<\/p>\n
a negative production externality.<\/p>\n
a public good.<\/p>\n
the free-rider problem.<\/p>\n
6. In 2007 about 14% of personal income in the United States came from<\/p>\n
wages and salaries.<\/p>\n
property income.<\/p>\n
transfer payments.<\/p>\n
profits.<\/p>\n
7. If the government levies a tax on a chemical company that created an external social cost, the tax should equal marginal ________ to ensure an efficient correction.<\/p>\n
private cost<\/p>\n
social cost<\/p>\n
benefit<\/p>\n
damage cost<\/p>\n
8. A tax whose burden is the same proportion of income for all households is<\/p>\n
a regressive tax.<\/p>\n
a progressive tax.<\/p>\n
a proportional tax.<\/p>\n
an equal tax.<\/p>\n
9. The total amount of tax you pay divided by your total income is the<\/p>\n
marginal tax rate.<\/p>\n
average tax rate.<\/p>\n
total tax rate.<\/p>\n
proportional tax rate.<\/p>\n
10. Second hand cigarette smoke is an example of a(n) ________.<\/p>\n
economy of scale<\/p>\n
externality<\/p>\n
public good<\/p>\n
government failure<\/p>\n","protected":false},"excerpt":{"rendered":"
This pack of ECO 204 Week 4 Quiz consists of: 1. Marginal damage cost is the additional harm done by increasing the level of an externality-producing activity by one unit. additional cost to society resulting from a privately owned firm Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-67687","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/67687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=67687"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/67687\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=67687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=67687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=67687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}