When a Tax Is Imposed on an Item, It Can

question 215

Multiple Choice

When a tax is imposed on an item, it can generally be said that the incidence of the tax is

• A)entirely on the buyer.
• B)entirely on the seller.
• C)on both the buyer and seller.
• D)not determined in this manner.

---

Definitions:

Generic Brands

Products marketed without a branded name, often positioned as lower-cost alternatives to well-known brands.

High Ratings

A term used to indicate a positive evaluation or assessment, usually referring to quality, performance, or satisfaction in various contexts (e.g., product reviews, service evaluations).

Need for Closure

A psychological term describing an individual's desire for a clear and definite answer to a question or decision, to avoid ambiguity or uncertainty.

Internal Locus of Control

The belief that one controls their own destiny and outcomes are primarily the result of their own efforts and actions.