Of the Following Items,which Is/are Most Important in Determining the Distribution

question 156

Multiple Choice

Of the following items,which is/are most important in determining the distribution of tax burden?

• A) the person who is legally responsible for paying the tax
• B) the elasticities of supply and demand
• C) the desired level of tax revenue
• D) whether the tax is on income,wealth,sales,or imports
• E) the dollar amount of the tax

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Definitions:

Reference Value

The benchmark or standard against which the performance or value of a product or service is compared.

Extra Value Meal

A marketing offer by fast-food restaurants where a combination of items is sold together at a reduced price, compared to buying each item separately.

Profit Equation

Profit = Total revenue − Total cost; or Profit = (Unit price × Quantity sold) − (Fixed cost + Variable cost).

Total Revenue

the overall income generated by a business from its operations, before any expenses are deducted.