The Largest Source of Commonwealth Government Revenue in the 2017/18

question 52

Multiple Choice

The largest source of Commonwealth government revenue in the 2017/18 budget was

• A) indirect taxes like the GST.
• B) company tax.
• C) non-tax revenue.
• D) taxes on individuals such as income tax.
• E) taxes on the sale of beer and tobacco.

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Definitions:

Marginal Revenue

The additional revenue that a company gains by selling one more unit of a product or service.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, typically downward sloping.

Intertemporal Price Discrimination

Practice of separating consumers with different demand functions into different groups by charging different prices at different points in time.

Coupons

Vouchers or codes that offer a discount on the purchase price of goods or services, usually issued by manufacturers or retailers to stimulate demand.