A Tax Imposed on the Value of a Person's Property

question 34

Multiple Choice

A tax imposed on the value of a person's property at the time of death is called a(n)

• A) Estate tax.
• B) Excise tax.
• C) Income tax.
• D) Real estate tax.
• E) Sales tax.

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Definitions:

User Cost

The opportunity cost of using a good, service, or resource, including the cost of foregoing the next best alternative use.

Extraction Cost Curve

Illustrates the relationship between the quantity of a resource extracted and the cost of extraction, typically showing increasing costs as more of the resource is extracted.

Marginal Extraction Costs

The additional costs incurred for extracting one more unit of a resource, which may increase as the resource becomes scarcer.

Resource

Assets, materials, or substances that provide economic value or benefit to individuals or businesses.