The Difference Between the Loss of Surplus to Taxpayers and the Tax

question 97

Multiple Choice

The difference between the loss of surplus to taxpayers and the tax revenue collected is called:

• A)an externality.
• B)deadweight loss.
• C)consumer surplus.
• D)producer surplus.

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Definitions:

Median

The middle value in a data set when the values are arranged in ascending or descending order, or the average of the two middle numbers if the data set has an even number of observations.

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of data points.

Range

The difference between the highest and lowest values in a set of data, indicating the spread or dispersion of the values.

Median

The middle value in a set of numbers, which separates the higher half from the lower half of the dataset.