Use the Figure Below to Answer the Following Question(s)

question 80

Multiple Choice

Use the figure below to answer the following question(s) .
Figure 4-7

Refer to Figure 4-7. Which of the following is true for the tax illustrated?

• A) The tax increases the price of gasoline by $.60.
• B) Since the demand for gasoline is more inelastic than the supply, consumers bear most of the burden of the tax.
• C) Since the demand for gasoline is more elastic than the supply, consumers bear most of the burden of the tax.
• D) Since the supply of gasoline is highly inelastic, the primary burden of the tax is imposed on the suppliers of gasoline.

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Definitions:

Full Retirement

The age or situation where an individual decides to permanently leave the workforce and cease working.

Self-Employed Individuals

Persons who operate their own businesses or work as freelancers, responsible for their taxes and often not entitled to employee benefits.

Title VII

A section of the Civil Rights Act of 1964 that makes it illegal to discriminate in employment on the grounds of race, color, religion, gender, or ethnic background.

Civil Rights Act

A significant law in the United States that prohibited discrimination on the basis of race, color, religion, sex, or national origin.