Laffer curve Study guides, Class notes & Summaries
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Principles of Microeconomics Final Exam 2023 with 100% correct answers
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When a tax is imposed on the buyers of a good, the demand curve shifts 
downward by the amount of the tax 
 
 
 
Efficiency is attained when 
total surplus is maximized. 
 
 
 
The size of the deadweight loss generated from a tax is affected by the 
elasticities of both supply and demand. 
 
 
 
The maximum price that a buyer will pay for a good is called the 
willingness to pay. 
 
 
 
When a tax is placed on a product, the price paid by buyers _________, and the price received by sellers _____...
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100 Economics Terms Latest Update 100% Correct
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100 Economics Terms Latest Update 100% Correct Scarcity the limited nature of society's resources 
Economics the study of how society manages its scarce resources 
Efficiency the property of society getting the most it can from its scarce resources 
Equity the property of distributing economic prosperity fairly among the members of society 
Opportunity cost whatever must be given up to obtain some item 
Market economy an economy that allocates resources through the decentralized decisions of ma...
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Alf questions with correct answers 2024
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Alf questions with correct answers 2024 
demand 
the quantity that consumers are willing and able to purchase at various prices 
 
 
 
reinterpret demand 
shows buyers max "willingness to pay" for some quantity of output 
 
 
 
WTP - P* 
consumer surplus 
 
 
 
consumer surplus 
The difference between a buyer's willingness to pay and the price actually paid 
 
 
 
supply 
shows the quantity producers are willing and able to sell at various prices 
 
 
 
reinterpret supply 
shows sellers minim...
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Micro Test 2 2023 Questions and Answers (Graded A)
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Micro Test 2 2023 Questions and Answers (Graded A)Micro Test 2 2023 Questions and Answers (Graded A)Micro Test 2 2023 Questions and Answers (Graded A)Micro Test 2 2023 Questions and Answers (Graded A)Micro Test 2 2023 Questions and Answers (Graded A) 
 
Other things constant, a decrease in the demand for computers will - ANSWER-decrease the demand for computer manufacturing workers 
 
When a government subsidy is granted to the sellers of a product, buyers can end up capturing some of the benefi...
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CFA Level 1 Economics 241 Questions with Answers 2023,100% CORRECT
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CFA Level 1 Economics 241 Questions with Answers 2023 
 
 
Price Elasticity of Demand Formula - CORRECT ANSWER (% Change in Quantity Demanded) / (%t Change in Price) 
 
Cross Elasticity of Demand Formula - CORRECT ANSWER (% Change in Quantity Demanded) / (% Change in Price of Substitute or Complement) 
 
Income Elasticity of Demand Formula - CORRECT ANSWER (% Change in Quantity Demanded) / (% Change in Income) 
 
Price Elasticity of Supply Formula - CORRECT ANSWER (% Change in Quantity Supplied)...
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TAX2601 Exam with Questions & Answers Updated 2024
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TAX2601 Exam with Questions & Answers Updated 2024 
 
laffer curve ANSWER shows the relationship between tax rates and the amount of tax revenue collected by governments 
illustrates the argument that sometimes cutting tax rates can result in increased tax revenue 
 
marginal tax rate ANSWER tax rate that will apply if the tax base increases by one rand 
 
effective tax rate ANSWER determined by dividing tax liability by total profit or income 
 
income tax ANSWER capital gains tax 
turnover tax...
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TAX2601 Assessment 03 2023 Review
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TAX2601 - Assessment 03 - 2023 - Review 
laffer curve 
marginal tax rate 
effective tax rate 
income tax 
other types of tax 
proportional tax 
progressive tax 
regressive tax 
direct tax 
indirect tax 
purposive approach 
contra fiscum rule 
objective approach 
substance over form 
legal remedies 
ratio decidendi 
service delivery issues 
legislation over the tax landscape 
tax year 
calculating taxable income 
calculating normal tax liability 
assessment 
date of assessment 
return 
SARS offic...
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4.4 & 4.5 Theme 4 Global Economy Edexcel A level Economics with correct answers
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Globalisation: 
The process by which the world is becoming a single economy 
 
 
 
Sustainable Development: 
Development that meets the needs of current generations without compromising the needs of future generations 
 
 
 
Transfer Pricing: 
An account technique used by TNC's for reducing taxes on profits. By buying internally to ensure losses in high tax countries and profits declared in low tax regions. 
 
 
 
Capital Markets: 
Financial Markets which provide long-term borrowing and lending...
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Principles Of Microeconomics Final Exam Questions And Answers 2023
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Principles Of Microeconomics Final Exam Questions And Answers 2023
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Edexcel A Level Economics all Diagrams Study Guide 2024/2025
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Production Possibility Frontier - ANSWERS 
 
Supply and demand diagram showing equilibrium - ANSWERS 
 
Supply and demand surplus - ANSWERS 
 
Increase in demand - ANSWERS 
 
Decrease in demand - ANSWERS 
 
Increase in supply - ANSWERS 
 
Decrease in supply - ANSWERS 
 
Consumer surplus - ANSWERS 
 
Producer surplus - ANSWERS 
 
Inelastic demand - ANSWERS 
 
Elastic demand - ANSWERS 
 
Unitary elastic demand - ANSWERS 
 
Perfectly elastic demand - ANSWERS 
 
Perfectly inelastic demand - ANSWERS ...
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