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A government is considering levying an alcohol tax to raise revenue to finance health care benefits. People for the tax argue that alcohol demand is price inelastic. Which of the following statements is true?
Interest
The charge for borrowing money or the return on investment in savings accounts or bonds, typically expressed as a percentage.
Living Standard
The degree of prosperity, ease, physical items, and essential needs accessible to an individual, community, or social group.
Per Capita
A statistical measure that divides a total figure by the population number, providing an average per person.
Real GDP
Gross Domestic Product adjusted for inflation, measuring the value of all goods and services produced by an economy in real terms.
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