What is the typical form of consumption tax?

Understanding Percentage Tax on Hamburgers

Interactive Video
•
Business, Economics, Social Studies
•
10th - 12th Grade
•
Hard

Aiden Montgomery
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A fixed dollar amount
A tax based on weight
A percentage of the price
A flat rate for all goods
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do producers need to receive at least $2 for the first hamburger?
Because it is the cost of production
Because it is the market price
Because it covers their opportunity cost
Because it includes a 20% tax
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How much does a consumer pay for a hamburger priced at $3 with a 20% tax?
$3.60
$3.20
$4.00
$3.00
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the supply curve when a percentage tax is applied?
It remains unchanged
It shifts downwards
It shifts upwards by a percentage
It shifts upwards by a fixed amount
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a dead weight loss in the context of taxation?
A gain in consumer surplus
An increase in economic activity
A loss in consumer and producer surplus
A loss in government revenue
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is taxation generally considered inefficient?
It increases producer surplus
It has no effect on the market
It reduces economic activity
It increases consumer surplus
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the equilibrium quantity of hamburgers after the tax is applied?
2 million hamburgers
5 million hamburgers
3 million hamburgers
4 million hamburgers
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