Which of the Following Statements Is True

question 98

Multiple Choice

Which of the following statements is true?

• A)A tax assessed on producers shifts up supply.
• B)A specific tax assessed on producers does not affect consumers.
• C)A tax assessed on producers shifts down supply.
• D)An ad valorem tax assessed on producers does not affect consumers
• E)A tax assessed on producers shifts both the supply and demand curves.

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Definitions:

Inventory Control

A system used by a business to manage its inventory effectively, ensuring there are adequate supplies without overstocking.

Receiving Report

A document that records the details of goods received by a company, including date received, quantity, and condition.

Initial Record

Initial record refers to the first entry or recording of a financial transaction or event in the accounting system.

Inventory System

A method or software used by businesses to track stock levels, orders, sales, and deliveries to efficiently manage their inventory.