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Assume that a 2 cent per ounce percent soda tax led to a large increase in its price and only a ...

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Assume that a 2 cent per ounce percent soda tax led to a large increase in its price and only a ...

Question 1.

A soda tax is more effective at reducing soda consumption when demand is price ________ and is more effective at raising tax revenue when demand is price ________.

• elastic; elastic

• elastic; inelastic

• inelastic; elastic

• inelastic; inelastic

Question 2.

Assume that a 2 cent per ounce percent soda tax led to a large increase in its price and only a small decrease in the quantity of soda demanded. Economic analysis would lead one to conclude that

• soda should be taxed because the benefits of the tax would exceed the costs.

• soda should not be taxed because the benefits are uncertain.

• soda should not be taxed on ethical grounds since ethical benefits and costs can't be measured.

• the benefits of taxing soda is a normative issue. Economic analysis can be used to contribute to discussion of this issue but cannot decide it.

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

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lstar1993 Author

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