The Foremost Principle of Statutory Rule Is the Golden Rule

question 24

True/False

The foremost principle of statutory rule is the golden rule.

---

Definitions:

No-Tax Equilibrium

A market situation where goods or services are exchanged without the imposition of taxes, leading to an unaltered allocation of resources.

Elastic Demand

The case in which the price elasticity of demand is greater than 1.

Excise Tax

A tax levied on specific goods, services, or transactions, often with the aim of discouraging their use or raising revenue.

Elastic Supply

A scenario where the quantity supplied of a good or service changes significantly in response to changes in its price.