An Excise Tax I.is Levied on the Value of Property

question 55

Multiple Choice

An excise tax
I.is levied on the value of property.
II.is levied on the quantity of the product or service.
III.differs from an sale tax, because a sales tax is imposed on the value of property.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Statements I and II are correct.
• D)Statements II and III are correct.
• E)Statements I, II, and III are correct.

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Definitions:

Resistor Current

The current flowing through a resistor, determined by the voltage across the resistor and its resistance according to Ohm's law.

Phase Angle

The difference in phase between the inputs and outputs of a system, often measured in degrees or radians.

Parallel Circuit

An electrical circuit in which components are connected so that the same voltage is applied to each component, but the total current is divided among the components.

Inductive Reactance

The opposition that an inductor presents to alternating current, due to its inductance, proportional to the frequency of the current.