"The Tax on Insulin in the Philippines Is Anywhere Between

question 364

Multiple Choice

"The tax on insulin in the Philippines is anywhere between 10 and 20 percent. If you are rich and living in the Philippines, this is not a problem, but if you are poor, then insulin becomes something that you cannot afford." If the government places the tax on sellers, what is the most likely tax incidence?

• A) The vast majority of the tax is paid by buyers.
• B) The vast majority of the tax is paid by sellers.
• C) The tax is split equally between buyers and sellers.
• D) Sellers pay all the tax.

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Definitions:

American-Spanish War

A conflict between the United States and Spain in 1898, resulting in the U.S. gaining territories in the western Pacific and Latin America.

McKinley

William McKinley was the 25th president of the United States, serving from 1897 until his assassination in 1901, known for leading the nation during the Spanish-American War and advocating for protective tariffs.

Philippines

An archipelagic country in Southeast Asia, consisting of over 7,000 islands, known for its significant history of Spanish and American colonialism followed by a period of martial law.

Modern Presidency

Refers to the evolution of the presidential role in the United States, especially in terms of powers, public expectations, and influence on domestic and international policy.