Which of the following statements is TRUE about taxes?
A) Taxes always create more deadweight loss than do price ceilings and price floors.
B) Taxes decrease both consumer surplus and producer surplus while creating a deadweight loss.
C) Government revenue from a tax is always greater than the loss of producer surplus and consumer surplus.
D) Both answers A and C are correct.
Question 2
Suppose a medical study reveals new benefits to consuming beef and at the same time a bumper corn crop reduces the cost of feeding steers. The equilibrium price of beef will
A) fall.
B) perhaps rise, fall, or stay the same, but more information is needed to determine which it does.
C) stay the same.
D) rise.
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