If the Government Levies a $1,000 Tax Per Boat on Sellers

question 56

Multiple Choice

If the government levies a $1,000 tax per boat on sellers of boats,then the price paid by buyers of boats would

• A)increase by more than $1,000.
• B)increase by exactly $1,000.
• C)increase by less than $1,000.
• D)decrease by an indeterminate amount.

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Definitions:

Chronological Order

This is the arrangement of events, or information, according to the time sequence in which they occurred or were created.

Account Number Order

The sequence or arrangement of account numbers, often used in organizing financial records or transactions for easy access and reference.

Journal

A detailed record where all financial transactions are initially recorded, chronologically, before being posted to ledger accounts.

Account Balances

The total amount of money in a financial account, calculated by adding all deposits and deducting any withdrawals.