If T Represents the Size of the Tax on a Good

question 5

Multiple Choice

If T represents the size of the tax on a good and Q represents the quantity of the good that is sold,total tax revenue received by government can be expressed as

• A)T/Q.
• B)T+Q.
• C)TxQ.
• D)(TxQ)/Q.

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Definitions:

Tax System

The legal framework and methods by which a government collects money from individuals and businesses to fund public services and infrastructure.

Economic Growth

A rise in the economy's production of goods and services across a certain timeframe, usually assessed using GDP.

Demographic Transition

The shift in a population from high birth and death rates to low birth and death rates, often associated with industrialization and improved living standards.

Saving

The process of setting aside a portion of income for future use, instead of spending it immediately.