Choose the Letter of the Correct Answer. 1. It is an act of laying a tax. A. Theory of tax B. Taxation C. Taxing D. Tax   2. A tax imposed by the government at each stage in the production of goods. A. Excise B. Value –added tax C. Property D. Individual tax   3. A tax imposed for the general purposes of the government to raise revenue for the     local area needs. A. National B. Municipal C. Community D. Local

Q: The government raises revenue through taxation to pay for the services it provides. a. True b. False

A: Governments are institutions or entities that hold authority over a defined geographical area or a…

Q: Tax incidence is the division of the burden of a tax between the A. society; seller B. buyer; seller…

A: Tax is a compulsory payment made by the individual, or company to the government as revenue to carry…

Q: If the demand for a product is perfectly elastic, a tax of $1 per unit imposed on sellers will a.…

A: This can be defined as the concept that shows the revenue of the government of that nation by which…

Q: Why do government entities impose taxes and how is the type of taxation chosen (e.g., excise v.…

A: The process of levying a financial charge, known as a tax, on individuals, businesses, and other…

Q: The two largest sources of tax revenue for theU.S. federal government area. personal and corporate…

A: ANS According to the data available US federal govt. collects about 50% of its tax revenue from…

Q: 95. Homeowners   a. benefit from several loopholes.   b. must pay tax on the “income” of living…

A: The tax is the unilateral payment made by the public to the government for various purposes such as…

Q: Which is wrong? EXPLAIN   a. The government should tax itself. b. The government can tax itself. c.…

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Q: 1. Where does the government get most of its money? a. It prints money b. It sells land c. Taxes d.…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: tax

A: The tax is the amount which government charges on their income or on through different items. The…

Q: Question 10

A: When $3 per unit tax is imposed on the product, the initial supply will reduce and the supply curve…

Q: All of the following are sources of inefficiency except: a. public goods. b. the invisible hand. c.…

A: Hi, according to our guidelines we are allowed to answer only one question in a single session. So I…

Q: 1-The excess burden of a tax refers to: Select one: a. how much producers lose in surplus from the…

A: In financial matters, tax incidence or tax burden is the impact of a specific tax on the…

Q: 6. "Incidence or the burden of the tax": a. What portion of the tax is paid by the buyers (in $)?…

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Q: PART I Show/graph the following using demand and supply curves. 1. Buyers of a product will bear the…

A: Since you have asked multiple question, we will solve first question for you. If you want any…

Q: Assume that the demand for coal is more elastic than the supply. A tax on coal will    a. increase…

A: A tax could be a mandatory fee or financial charge levied by any government on a personal or a…

Q: The tax system is used to reduce income inequality through the use of taxes. Select one: a.…

A: Tax is the amount that is charged by the government from an individual or an organization on their…

Q: Why should businesses take into account tax impacts? O a. Taxes directly affect a business's cash…

A: In a market, firms make business activities to earn some revenue and profit due to which it has to…

Q: A tax will be split equally between buyers and sellers when:

A: Taxes are defined as mandatory contributions which are levied on individuals or corporations by the…

Q: The economic burden of an excise tax   a. can usually be partially shifted from buyers onto…

A: Excise tax is the type of tax is imposed on the products during their manufacturing process and paid…

Q: Given the tax structure below; Identify using a table the areas Before and After CS, PS and TS.…

A: Consumer surplus is the area below demand curve and above price. Producer surplus is the area below…

Q: 1-The city of Seaview operated at an $ 543,000 surplus this year. The surplus suggests that the…

A: Since, the city has a positive revenue after taxation, therefore, the surplus suggests the Tax…

Q: Question 9

A: When $3 per unit tax is imposed on the product, the initial supply will reduce and the supply curve…

Q: Look at the provided figure. Which area represents the tax revenue after the tax? Amount of the tax…

A: Taxes are the necessary payments that the agents within the nation have to make to the government.…

Q: 4. Why do government entities impose taxes and how is the type of taxation chosen (e.g., excise v.…

A: Governments impose taxes for various reasons, including raising revenue to fund government…

Q: Tax incidence usually falls A. only on producers. B. on both consumers and producers. C. only on…

A: Tax incidence is the division the burden of tax falls between producers and consumers. The burden of…

Q: QUESTION 35 In the figure below, the amount of the tax per unit is: S+ tax 4. 3. 3. 6. Quantity…

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Q: 1. If the government puts a tax on the buyers of milk, then A.buyers will bear the entire burden of…

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Q: 27. A tax imposed on sellers of goods will raise * price paid by buyers & lower the equilibrium…

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Q: A levy upon liquor, jewelry, tobacco, etc. is called_ a. Occupation tax b. Nuisance tax c. Personal…

A: The government earns revenue through taxation policy. This tax revenue is important for the…

Q: 2.) Tax incidence is always highest for the side of the market that a.) Has the lowest legal tax…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: 8. Generally, the following can exercise the power of taxation, except: a. The local sanggunian b.…

A: Answer 8) Option c is correct The President only who does not have any power related to Taxation as…

Q: 1. The equilibrium price before the tax. $ 2. The price that buyers effectively pay after the tax. $…

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Q: A government is considering reducing the amount of taxes it collects from its citizens each year.…

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Q: Question 8

A: The per unit tax is also known as the specific tax, in which a fixed amount is imposed as a tax to…

Q: Cite and discuss two importance of taxation. Taxation here covers the levying of taxes by the…

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Q: If the price of a product rises by an amount less than the established tax, 1. Suppliers bear the…

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Q: If a tax system is well designed: Select one: a. then efficiency can be improved only by making the…

A: Answer - Need to find - If a tax system is well designed  Evaluating the option - a. then efficiency…

Q: Discuss the objectives of Taxation.

A: Taxation and government spending are component of fiscal policy which is used by the government in…

Q: Figure 1 Price S+ tax 6.00 5.00 4.00 3.00 2.00 1.00 50 60 Quantity Refer to Figure 1. What is the…

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Q: Define individual income tax. A. Individual income tax is the tax an individual pays to the…

A: Meaning of Tax Imposition:The term tax imposition or the tax hike refers to the situation under…

Q: Question 33 Do buyers or sellers bear more of the burden of this tax? Group of answer choices…

A: With tax of $6 per unit, quantity sold in market is 20.

Q: When a good is taxed: a. both buyers and sellers of the good are made worse off. b. only buyers are…

A: Tax burden refers to the financial value or incidence of a tax on individuals, businesses, or…

Q: Discuss the five properties of a good tax system 2. Discuss why there are inefficiencies in the…

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Q: Which of the following statement is true about tax? A. The burden shared by consumers and producers…

A: Answer: Correct option: option (D) Explanation: When a tax is levied either on the buyer or seller,…

Q: The incidence of a tax: - refers to who writes the check to the government.   - is a measure of the…

A: In Economics, incidence of tax explains which party ultimately bears the burden of tax. It expalins…

Q: nce 16 Suppose the government imposed a per unit tax of S6 on buyers. 14 12 Work out the following.…

A: Here, Equilibrium price = 8 Equilibrium quantity= 40 Demand function according to graph is, QD=12 -…