Article Summary In an Attempt to Discourage Smoking, New York City Mayor

question 266

Multiple Choice

Article Summary
In an attempt to discourage smoking, New York City Mayor Michael Bloomberg proposed a bill which would set a $10.50 minimum price for a pack of cigarettes. The bill would also prohibit retailers from offering any discounts such as 2-for-1 offers or accepting discount coupons. New York City already has the highest cigarette tax in the country, at $5.85 per pack, and the state of New York is one of many which already require cigarettes be marked up by a specified percentage. This bill is a companion to one which would require stores to keep tobacco products hidden from sight. Although the bills are expected to be challenged in court, a precedent has been set in Rhode Island, where a court upheld a ruling allowing the city of Providence to forbid retailers from accepting coupons and offering discounts on cigarettes.
Source: Vivian Yee, "Bloomberg Seeks End to Cheap Cigarettes," New York Times, March 26, 2013.
-Refer to the Article Summary. The minimum price of $10.50 per pack of cigarettes being proposed by Mayor Bloomberg is an example of

• A) a price ceiling.
• B) a price floor.
• C) an economically efficient price.
• D) a black market price.

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Definitions:

Decedent's Estate

The real and personal property owned by an individual at the time of their death, subject to distribution among heirs and beneficiaries per the will or state law.

Final Declaration

The last official statement or summary of a legal document or proceedings, often summarizing the outcome or decisions made.

Property Disposed

The act of transferring or getting rid of property through sale, gift, or other methods.

Probate

The legal process through which a deceased person's estate is validated and administered, involving the resolution of any claims and distribution of the deceased's property under a will.