Typically Exempt from the Sales/use Tax Base Is the Purchase

question 73

True/False

Typically exempt from the sales/use tax base is the purchase of tools by a manufacturer to make the widgets that it sells.

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Definitions:

Factor Endowments

Refers to the quantity and quality of resources a country or region has available, such as labor, land, and capital.

Heckscher-Ohlin Theorem

An economic theory stating that countries export what they can most efficiently and abundantly produce.

Labor Intensive

describes industries or production processes that require a large amount of labor relative to capital in the production process.

WTO

The World Trade Organization, an intergovernmental organization that regulates international trade agreements and disputes between nations.