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Details
Title: Chapter 8
Description: Application: The Cost of Taxation
Total Flash Cards: 9
Created: 12/12/2011 13:34:34
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Additional Economics Flashcards
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Cards in this set:
Term
| Taxes cause consumer and producer surplus to... |
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Definition
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Term
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Definition
| The fall in total surplus that results from a market distortion |
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Term
| The size of deadweight loss is determined by... |
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Definition
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Term
| If supply is inelastic, then deadweight loss is.... |
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Definition
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| If supply is elastic, then deadweight loss is... |
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Definition
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Term
| If demand is inelastic, then deadweight loss is... |
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Definition
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Term
| If demand is elastic, then deadweight loss is... |
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Definition
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Term
| The bigger the tax, the _____ the deadweight loss. |
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Definition
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Term
| The Laffer curve measures the fact that... |
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Definition
as a taxes gets bigger, they hit a certain point where revenue decreases.
Upside down U shape. |
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