Does the Constitution create the power for the State to tax? Justify.

Q: The tax on cigarettes in New York City is one of the highest in the nation—$5.85 per pack. What are…

A: Tax is a mandatory unilateral or one way payment made by the public towards the government in the…

Q: The government is considering imposing an excise tax on the following set of items. If the…

A: Deadweight loss of taxation is the loss incurred when a new tax is imposed. This implies more tax…

Q: Suppose that the demand curve for beans is: Qd = 300 - 30p and the supply curve Qs = 30p. The…

A: Price support is also known as price floor or minimum support price (MSP) is set above the market…

Q: The market price will _______ when the tax is implied on the commodity

A: A tax refer to a legally set fee by the local or central government on economic entities with the…

Q: How can the government improve tax collections without imposing much tax to the consumer?

A: When a taxing body, typically a government, levies or imposes a financial responsibility on its…

Q: We've seen how many economists vehemently oppose price controls, saying that they'll create either…

A: Price controls are laws imposed by the government to limit pricing. There are two types of price…

Q: If the government wants to use a Pigouvian tax to alleviate the problem of obesity contagion, what…

A: We are going to discuss ways to minimize negative externalities.

Q: When supply is perfectly elastic, who bears the burden of tax? Select one: a. producers b.…

A: The burden of the tax falls on that side of the market (consumer or producer) which is relatively…

Q: What are the fundamental principles of taxation?

A: Taxation means levying or imposition of particular amount of tax on individuals by the government in…

Q: In which of these scenarios is the burden of the tax greater on buyers than on sellers? AA BB C C DD…

A: In case of graph D the tax burden is more on buyer than seller. Therefore, D is right option.…

Q: What is retrospective tax?

A: Tax is a compulsory payment imposed on the individuals, household and firms. Taxes are generally…

Q: Suppose the market for cigarette is competitive. An economist estimates the price elasticity of…

A: a) The burden would be shared more by the group which is less elastic. This is because they cannot…

Q: What is proportional tax? Write its merits and demerits.

A: Introduction - An income tax system known as a proportionate tax applies the same percentage of tax…

Q: After economics class one day, your friend suggests that taxing food would be a good way to raise…

A: A regressive tax is a type of tax that is imposed in a manner that the tax rate reduces with the…

Q: Discuss and provide two examples of how subsidies can be economically harmful.

A: A subsidy is a monetary, grant, or tax break provided by the government to individuals or…

Q: elasticity of demand

A: The elasticity of demand refers to the responsiveness of quantity demanded to adjustments in price.…

Q: Suppose there is only one movie theatre in a town and the equilibrium price and quantity for movie…

A: