The World Customs Organization Estimates That Counterfeit Goods Account for How

question 353

Multiple Choice

The World Customs Organization estimates that counterfeit goods account for how much in sales per year globally:

• A) $6 billion
• B) $50 billion
• C) $100 billion
• D) $500 billion
• E) none of the other choices

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Definitions:

Wages

The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee, especially to manual or unskilled workers.

Tax Burden

The total amount of tax paid by individuals or businesses, often expressed as a percentage of income or GDP.

Inelastic

Refers to a condition where the demand for a product or service changes very little when there is a change in its price.

Price Elasticities

A measure of how much the quantity demanded or supplied of a good changes in response to a change in its price.