Which of the Following Is True

question 214

Multiple Choice

Which of the following is true?
i.A tax on buyers has the same effect as the same sized tax on sellers.
ii.The more elastic the demand,the larger is the share of the tax paid by the buyers.
iii.The U.S.income tax is regressive.

• A) Only i
• B) Only ii
• C) Only iii
• D) ii and iii
• E) i and ii

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Definitions:

Warranty Expense

Costs a company anticipates or incurs for the repair or replacement of defective products during the warranty period.

Repairs

Expenses incurred to restore an asset to a condition where it can perform its intended function, without improving beyond its original state.

Accrued Vacation Pay

Represents the amount of vacation time earned by employees that has not yet been used or paid out, and is recorded as a liability on the company's balance sheet.

Vacation Cost

Expenses associated with taking a vacation, including travel, accommodation, meals, and activities.