An Excise Tax Levied on a Product Will Impose a Smaller

question 234

Multiple Choice

An excise tax levied on a product will impose a smaller relative burden on consumers (and a larger relative burden on sellers) when

• A) the supply of the product is relatively inelastic.
• B) the supply of the product is relatively elastic.
• C) the demand for the product is relatively elastic.
• D) either a or c is true.

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Definitions:

Wagner Act

A foundational piece of labor legislation in the United States, officially known as the National Labor Relations Act of 1935, that established the rights of workers to form unions and engage in collective bargaining.

Illegal

Actions or activities that are forbidden by law.

Safety Procedures

Standardized actions or protocols designed to minimize risk and protect individuals from accidents and injuries in the workplace or public spaces.

National Labor Relations Board

A federal agency of the United States responsible for enforcing US labor law in relation to collective bargaining and unfair labor practices.