On What Basis Is a Tax on Expensive Speed Boats

question 4

Multiple Choice

On what basis is a tax on expensive speed boats that are purchased only by the wealthy NOT likely to satisfy the condition of vertical equity

• A)Wealthy buyers are most likely to be subject to the implications of the flypaper theory of tax incidence.
• B)Horizontal equity is most associated with a tax on luxury items.
• C)Buyers can easily substitute other luxuries for expensive speedboats.
• D)It is very unlikely that the burden of the tax will fall on workers who make the expensive speed boats.

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Definitions:

Dominant Culture

The cultural beliefs, practices, and values that are predominant within a society, influencing its social norms and way of life.

Ethnic Stereotyping

The act of attributing oversimplified characteristics to members of a specific ethnic group.

Consumer Demand

The desire for specific goods or services that consumers are willing and able to purchase at given prices.

Goods And Services

Products and activities that fulfill consumer needs and wants, where goods are tangible items, and services are intangible experiences or tasks performed.