The Year 1707 Marks the Last Time a British Monarch

question 3

Short Answer

The year 1707 marks the last time a British monarch failed to give __________ to an act of Parliament.

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Definitions:

Tax Burden

The aggregate sum of taxes that individuals or businesses remit, correlated to their earnings or profits.

Inelastic

Describes a situation where the demand or supply for a good or service is not significantly altered when the price changes.

Elastic

A characteristic of a product or service indicating that a change in price leads to a significant change in the quantity demanded or supplied.

Laffer Curve

An illustration of the relationship between tax rates and tax revenue, suggesting that there is an optimal tax rate that maximizes revenue.