Which of the Following Statement Is/are Included in Adam Smith's

question 30

Multiple Choice

Which of the following statement is/are included in Adam Smith's four requirements for a good tax system?
I.Changes in the tax law should be made as needed to raise revenue and for proper administration.
II.A tax should be imposed in proportion to a taxpayer's ability to pay.
III.A taxpayer should be required to pay a tax when it is most likely to be convenient for the taxpayer to make the payment.
IV.The government must collect taxes equal to it's expenses.

• A)Statements I and II are correct.
• B)Statements I and IV are correct.
• C)Statements II and III are correct.
• D)Statements II and IV are correct.
• E)Statements III and IV are correct.

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Definitions:

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The ability to produce novel and valuable ideas, encompassing the capacity to think outside of traditional frameworks and develop innovative solutions.

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