Taxes on sales of liquor, tobacco, and tires are examples of
a. direct taxes.
b. excise taxes.
c. progressive taxation.
d. loopholes.
b
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Which of the following statements is FALSE?
A) A good with a vertical demand curve has a perfectly inelastic demand. B) A good with a straight line, downward sloping demand curve has a demand whose elasticity is constant. C) A good with a horizontal demand curve has a perfectly elastic demand. D) All of the above statements are false.
All economic questions arise from the fact that resources are unlimited
Indicate whether the statement is true or false
________ is a situation in which a good or service is produced at the lowest possible cost
A) Equity B) Allocative efficiency C) Productive efficiency D) Optimal marginalism
What is meant by expected value? How is it calculated?
What will be an ideal response?