Answering Accounting Questions

A tax on coffee which leads the consumer to consume more tea and less coffee than otherwise preferable produces the following:Income Effect and Substitution EffectIncome Effect and Satisfaction EffectSubstitution Effect but not Income EffectIncome Effect and Efficiency EffectQuestion 21 ptsDeadweight Loss includes the amount of taxes paid to the government.TrueQuestion 31 ptsAccording to Creedy 2003, doubling the tax rate will _____________ the excess burden:doublenegateimprovequadrupleQuestion 41 ptsIllinois imposes a sales tax on Snicker’s but not Twix candy bars. This could cause the price of:Snicker’s to riseTwix to riseboth Snicker’s and Twix to riseSnicker’s production to riseQuestion 51 ptsThe government imposes a new retail sales tax on sales of coffee from cafes. Hipster Coffee Corp is a cafe. The following will bear the statutory incidence of the new tax:Hipster Coffee Corp’s customersHipster Coffee CorpHipster Coffee Corp’s employeesHipster Coffee Corp’s suppliersQuestion 61 ptsA retail sales tax on remote sellers will produce as much revenue as a use tax on in-state purchasers.TrueFalseQuestion 71 ptsThe majority opinion in Wayfair did the followingaffirmed the authority of the Court under the Dormant Commerce Clauseaffirmed the authority of South Dakota to tax remote sellers on purchases made by South Dakota residentsrelied on the increase in e-commerce sales to support its decisionall of the aboveQuestion 81 ptsThe buyer bears more of the consumption tax in market types involving:inelastic supplyinelastic demandelastic supplyboth inelastic demand and elastic supplyQuestion 91 ptsJoel Slemrod describes what he calls the hierarchy of behavioral responses to taxation in his 2002 article (listed on canvas). Which of the following are part of the hierarchy? Select all that apply.RealAvoidanceeconomic incidenceTimingIncome shiftingHypothetical details:Indiana will replace its fuel taxes with a road mileage tax on January 1, 2020. The tax rate varies across road types; the rate per mile is $0.20 on interstates, $0.15 on state highways and $0.10 on all other roads. Use these details to answer the following questions.Question 101 ptsI decide to reduce the number of miles I drive in 2020 because of this tax. Which of the following best describes this type of response?RealShiftingTimingEvasionQuestion 111 ptsI decide to take a road trip in December 2019 because of tax. The trip was originally planned for February 2020. Which of the following best describes this type of response?RealTimingShiftingEvasionQuestion 121 ptsI usually drive on the interstate for all of my trips. However, I plan to use the local roads as much as possible in 2020. Which of the following best describes this type of response?ShiftingRealEvasionTimingQuestion 131 ptsI plan to buy an electronic device that I can use to adjust the recorded mileage on my car. Which of the following best describes this type of response?TimingRealEvasionShiftingQuestion 141 ptsGiven the empirical described by Slemrod (2002), which response is expected to be smallest?reduction in use of interstate highwaystaking road trip in 2019 rather than 2020reduction in number of miles drivenadjusting odometer (odometer records mileage) with electronic deviceQuestion 151 ptsAssuming the government is interested in maximizing social welfare, the efficiency cost of taxation is driven by income effects. TrueFalseQuestion 161 ptsEngland introduced a window tax in 1696. Many new buildings were constructed with fewer windows in response to the tax. This type of response is best described as tax evasion.TrueFalse

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