(Please write down whether the following statements are true or false, and explain your answer very briefly, )

1. If the individual works more after the tax on labour, that means substitution effect outweighs the income effect.

2.Supply side economists are for increasing the tax rates.

3. As a result of increase in the tax rate, both excess burden and tax revenue increase.

4. A progressive tax system encourages individuals to work harder.

5. The more elastic is demand is relative to supply, the greater the portion of burden is borne by consumers.