1. When a good is taxed, the tax revenue collected by the government equals the decrease in the welfare of buyers and sellers caused by the tax.

a. True

b. False

2. As the size of a tax increases, the government's tax revenue rises then falls.

a. True

b. False

3. Economists argue that restrictions against ticket scalping actually drive up the cost of many tickets.

a. True

b. False

4. Efficiency refers to whether a market outcome is fair, whereas equality refers to whether the maximum amount of output was produced from a given number of inputs.

a. True

b. False