Write the Ratio as a Fraction in Lowest Terms

question 60

Essay

Write the ratio as a fraction in lowest terms. to

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Definitions:

Excise Tax

A tax imposed on specific goods, services, or transactions, often included in the price of products like gasoline, alcohol, and tobacco, aimed at reducing their consumption or raising revenue.

Market Transactions

Actions that involve the exchange of goods or services for money, conducted within a marketplace.

GDP

Known as Gross Domestic Product, it is the sum of the market or money value of all produced finished goods and services within the territorial limits of a country in a given time span.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of all goods and services produced by an economy in a given year in real terms.