If the Government Wants to Minimize the Deadweight Loss from Taxes

question 52

Essay

If the government wants to minimize the deadweight loss from taxes, it should impose taxes on goods for which:
A.the price elasticity of demand is high.
B.the price elasticity of demand is low.
C.the price elasticity of supply is high.
D.the demand is high.

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Definitions:

U.S. Department of Labor

Is a federal agency responsible for promoting the welfare of job seekers, wage earners, and retirees in the United States, enforcing labor standards.

Workforce

The collective group of individuals engaged in work within an organization, contributing to its goals and objectives.

Organizational Culture

The collective values, beliefs, and behaviors that shape the social and psychological environment of a business.

Individuality

The quality or character of being an individual; particularly of being uniquely oneself, distinct from others in personality and interests.