Developing Countries Consist Of

question 50

Multiple Choice

Developing countries consist of:

• A)only low-income countries.
• B)only middle-income countries.
• C)both low-income and middle-income countries.
• D)all industrial countries.
• E)both industrial and middle-income countries.

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Definitions:

Tax Burden

The measurement of how much of a tax's economic weight falls on an individual or economic entity, including both the direct and indirect effects.

Consumers

Individuals or groups who use goods and services generated within the economy, contributing to demand.

Perfectly Elastic

This term refers to a situation in demand or supply where the quantity demanded or supplied responds infinitely at a particular price level.

Excise Tax

A type of tax imposed on specific goods, services, or transactions, often with the intent of discouraging their use or consumption, or to raise revenue.