From the Economist's Point of View

question 297

Multiple Choice

From the economist's point of view

• A) wants and needs are exactly the same.
• B) a want is a lifesaving necessity.
• C) needs are objectively undefinable.
• D) we all have wants but only very poor people have needs.

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Definitions:

Double Taxation

The imposition of two or more taxes on the same income, asset, or financial transaction, often referring to income taxed both at the corporate level and personally.

Excessive Taxation

Taxing beyond what is fair or reasonable, often perceived as placing undue burden on taxpayers.

S Corporation

A specialized form of corporation in the United States that allows income to be passed through to shareholders for federal tax purposes, avoiding double taxation.

Profit Distributions

The sharing of earnings among the shareholders of a company, often in the form of dividends.