A Bed of Oysters Is Not an Example of a Factor

question 109

True/False

A bed of oysters is not an example of a factor of production, but the shucked oysters used to make oyster stew is a factor of production.

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Definitions:

Average Tax Rate

The portion of total income that is paid as tax, calculated by dividing the total amount of taxes paid by the taxpayer’s total income.

Tax Liability

The total amount of tax that an individual or entity is legally obligated to pay to a taxing authority.

Regressive

Pertains to a situation or policy that has a disproportionately greater impact on those with lower income or status.

Excise Tax

A tax imposed on the sale or manufacture of specific goods, such as alcohol and tobacco, within a country.