Economics | Baamboozle - Baamboozle | The Most Fun Classroom Games!

Difference between direct and indirect taxation?

A direct tax is one that the taxpayer pays directly to the government. An indirect tax is one that can be passed on to another person or group by the owner

Oops!

Check

Okay!

Check

Who does minimum price controls protect?

The sellers

Oops!

Check

Okay!

Check

Who is benefiting from the subsidy?

Who is benefiting from the subsidy proves the incidence [that indicates who, by law, the subsidy is intended to help.]

Oops!

Check

Okay!

Check

what is the incidence of taxes?

It is an economic term for understanding the division of a tax burden between stakeholders, such as buyers and sellers or producers and consumers.

Oops!

Check

Okay!

Check

What is an consumer incidence of tax?

The proportional of total tax revenue paid by costumers (for indirect taxes)

Oops!

Check

Okay!

Check

What is the impact of subsidies shown in the diagram?

A subsidy will shift the supply curve to the right and therefore lower the equilibrium price in a market. The aim of the subsidy is to encourage production of

Oops!

Check

Okay!

Check

heart

Other team wins 20 points!

Oops!

shark

Other team loses 25 points!

Okay!

shark

Other team loses 25 points!

Okay!

banana

Go to last place!

Oops!

thief

Give points!

gold

Win 50 points!

Okay!

gift

Win 25 points!

Okay!

lifesaver

Give 5 points!

Oops!

What type of people does a subsidy involve?

It involves an individual, a business, or institution, that receives a benefit from the government.

Oops!

Check

Okay!

Check

lifesaver

Give 25 points!

Oops!

seesaw

Swap points!

Okay!

shark

Other team loses 10 points!

Okay!

thief

Give points!

What happens with the supply and quantity demanded of a market when a tax is imposed to a company?

Oops!

Check

Okay!

Check

What is the impact of maximum prices in the market?

They tend to distort the market and lead to its disequilibrium. It can either be set above the equilibrium price (ineffective), or below, causing a shortage.

Oops!

Check

Okay!

Check

lifesaver

Give 10 points!

Oops!

gift

Win 10 points!

Okay!

gift

Win 25 points!

Okay!

thief

Give points!

Maximum price should be fixed above the equilibrium. True or False?

False

Oops!

Check

Okay!

Check

What is a producer incidence of tax?

The proportional of total tax revenue paid by producers (for indirect taxes)

Oops!

Check

Okay!

Check

What is the impact of minimum prices?

It will create a surplus in the market. Normally the price would fall as a result, but it is not allowed to fall below the min, so the surplus remains

Oops!

Check

Okay!

Check

Restart Join for Free

Your experience on this site will be improved by allowing cookies.