Which of the Following Statements About Criminal Tax Fraud Is

question 16

Multiple Choice

Which of the following statements about criminal tax fraud is false?

• A)Criminal tax fraud is a felony offense.
• B)A taxpayer must be convicted of criminal tax fraud in federal court.
• C)Individuals who are convicted of criminal tax fraud may be fined or imprisoned or both.
• D)None of the above is false.

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Definitions:

Effective Price Ceiling

An effective price ceiling is a government-imposed limit on the price that can be charged for a product or service, set below the market equilibrium, leading to shortages.

Equilibrium Price

The price point at which the market's supplied and demanded goods quantities meet.

Surpluses

Occurs when the quantity of a good or service supplied exceeds the quantity demanded at a specific price; the opposite of shortages.

Shortages

A situation in which the demand for a product or service exceeds the supply available at a particular price.