Narrbegin Exhibit 5

question 46

Multiple Choice

Narrbegin Exhibit 5.4 Supply and demand curves for cigarettes
-As shown in Exhibit 5.4, assume the government places a $1 per pack sales tax on cigarettes. The percentage of the burden of taxation paid by consumers of a pack of cigarettes is:

• A) zero.
• B) 25 per cent.
• C) 50 per cent.
• D) 100 per cent.

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Definitions:

Legal Heir

is a person who is legally entitled to inherit assets from the estate of a deceased person, either through a will or through intestate succession laws.

Fiduciary Duty

Someone who is required to act for the benefit of another person on all matters within the scope of their relationship; one who owes to another the duties of good faith, loyalty, due care, and disclosure.

Personal Representative

An individual appointed to administer the estate of a deceased person, managing and distributing the person's assets per their will or law.

Treasury Bills

Short-term government securities issued at a discount from the face value and redeemed at maturity for the full face value.