Consider a normal good, good X.

What is the effect of a per unit tax (specific tax) levied on seller of good X?

Group of answer choices

It shifts supply to the left

It decreases demand for good X

It decreases the market price for good X

It increases the level of production of good X

Suppose the nation of Wakanda has a $0.51 specific tariff on wristwatches. Last month, a total of 3000 Rolex watches(each priced $8,228) and 9000 Swatch watches (each priced $180) were imported to Wakanda. What is the total tariff revenue collected by the government of Wakanda? $___________

[only put the number amount without the $ sign].

Consider the market for premium Netflix subscriptions where price is measured as dollar per premium subscription and quantity is measured in million customers (subscribers).

Market demand: Qd = 2500 -20P

Market supply: Qs = -500 +80P

Consider a per unit tax on Netflix's premium subscription service. The tax is a specific tax of of $5 per premium subscription. Consider the following two scenarios and answer the following questions.

1. Before tax

2. After tax

Group of answer choices

Consumer surplus before tax is $______ million.

Producer surplus before tax is $_______ million.

Consumer surplus after tax is $______ million.

Deadweight loss of the tax is $_____ million.

Subscribers pay _____% of the tax.

Suppose the government imposes a $2 tax on donut sellers.The average market price of donuts will decline.

Group of answer choices

True

False

"On January 22nd, 2018, the Trump Administration levied a 30% tariff(Links to an external site.) on solar imports to the United States. The tariff covers both imported solar cells, a key input to manufacturing solar panels, and solar modules, otherwise known as solar panels. According to a fact sheet(Links to an external site.) released by the U.S. Trade Representative, this tariff will last for four years and will fall by 5% annually, dropping to a 15% tariff in 2021." - Source:EnergySage Website Link(Links to an external site.)

As a result of the tariff, homeowners who are considering to install solar panels in their property are likely to face much lower prices.

Group of answer choices

True

False

"On January 22nd, 2018, the Trump Administration levied a 30% tariff(Links to an external site.) on solar imports to the United States. The tariff covers both imported solar cells, a key input to manufacturing solar panels, and solar modules, otherwise known as solar panels. According to a fact sheet(Links to an external site.) released by the U.S. Trade Representative, this tariff will last for four years and will fall by 5% annually, dropping to a 15% tariff in 2021." - Source:EnergySage Website Link(Links to an external site.)

Which of the following best describes the type of solar tariff?

Group of answer choices

Ad Valorem

Specific tariff