If There Is an Excise Tax Collected by Suppliers of a Particular

question 53

Multiple Choice

If there is an excise tax collected by suppliers of a particular product, when we draw the graph of supply and demand we would normally represent the excise tax by:

• A)a horizontal shift of the supply curve to the left by the amount of the excise tax.
• B)a horizontal shift of the supply curve to the right by the amount of the excise tax.
• C)a vertical shift up of the demand curve by the amount of the excise tax.
• D)a vertical shift up of the supply curve by the amount of the excise tax.

Ability to perform hypothesis testing about the population variance under given conditions.

Understand the concept of degrees of freedom and its calculation for chi-squared distribution.

Understand the construction and interpretation of hypothesis tests for population variance.

Grasp the importance of normality assumption in hypothesis testing and confidence interval estimation for variance.

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