In 1767,Charles Townshend Enacted the Revenue Act,which

question 38

Multiple Choice

In 1767,Charles Townshend enacted the Revenue Act,which

• A) levied an internal tax against the colonists.
• B) placed new duties on imported items.
• C) was an innovative form of income tax.
• D) taxed building materials,such as brick and wood.

Explain the concept of efficiency loss (deadweight loss) and its causes in a market.

Distinguish between positive and negative externalities and their impact on social welfare.

Describe the role of consumer and producer surplus in determining market efficiency.

Recognize the effects of external costs and benefits on market outcomes and resource allocation.