During Recent Elections, Consumer Groups in Various States Attempted to Get

question 203

Multiple Choice

During recent elections, consumer groups in various states attempted to get the sales tax on all medicines and drugs removed.They argued that such a tax is "severely regressive." What is the economic interpretation of their statement?

• A)The poor get ill more often than do the rich.
• B)The poor pay higher prices for medicine and drugs than do the rich.
• C)The poor pay a higher percentage of their income for medicine and drugs than do the rich.
• D)All consumers pay too much money for medicine and drugs.
• E)The sales tax discourages the poor from seeking medical treatment.

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Definitions:

Strategic Objective

A long-term goal that an organization seeks to achieve, which aligns with its mission and vision to guide its strategic planning.

Measure Map

A concept used in Six Sigma or process improvement strategies to provide a visual representation and analysis of a process's steps and performance indicators.

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Factors in the economy that shift prior to the overall economy beginning to adopt a specific direction or trend, utilized for forecasting upcoming economic activities.

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Metrics that reflect the economy’s historical performance and changes, becoming apparent after an economic activity.