Jurisdiction F Levies a 10% Excise Tax on the Purchase

question 7

Multiple Choice

Jurisdiction F levies a 10% excise tax on the purchase of golf carts.The annual revenue from this tax averages $800,000 (10% * $8 million average annual golf cart purchases) .Jurisdiction F is considering raising the tax rate to 12%.Which of the following statements is true?

• A)The rate increase will increase revenue by $160,000.
• B)Based on a dynamic forecast,the rate increase will increase revenue by $160,000.
• C)Based on a static forecast,the rate increase will increase revenue by $160,000.
• D)None of the above is true.

Analyze the symbolism and historical context of various symbols across cultures.

Recognize transition expressions that appropriately indicate relationships between ideas.

Identify cause and effect relations within given contexts.

Understand the societal and cultural implications of personal adornments across history.

---

Definitions:

Productive Resources

The inputs used in the production of goods and services, including natural resources, human resources, and capital goods.

Full Employment

A situation in an economy where all available labor resources are being used in the most efficient way possible, with minimal unemployment.

Positive Statement

A factual claim about how the world actually works, verifiable by observation or scientific evidence, as opposed to normative statements which involve values and judgements.

Humidity Level

The amount of water vapor present in the air, expressed as a percentage of the amount needed for saturation at the same temperature.