A VAT (Value Added Tax)

question 126

Multiple Choice

A VAT (value added tax) :

• A)Is regressive in its effect.
• B)Has not proved popular outside of the U.S.
• C)Is not a tax on consumption.
• D)Is used exclusively by third world (less developed) countries.
• E)None of the above.

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Definitions:

Economy

The system of production, distribution, and consumption of goods and services within a society, influencing its wealth and living standards.

Low Skill Level

Referring to jobs or tasks that require a minimal amount of training or education to perform.

Little Autonomy

A situation where there is scant or limited independence or self-governance within a subsystem or entity.

Assembly Line

A manufacturing process in which parts are added to a product in a sequential manner to create a finished product more efficiently.