If a Tax Is Imposed on a Good Where Both

question 40

Multiple Choice

If a tax is imposed on a good where both supply and demand are somewhat elastic,but demand is more elastic than supply,the burden of the tax will be borne

• A) by consumers and producers equally.
• B) by consumers alone.
• C) by producers alone.
• D) mostly by consumers but partially by producers.
• E) mostly by producers but partially by consumers.

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Definitions:

Direct Materials Quantity Variance

The variance between the real amount of materials consumed in production and the anticipated standard amount, multiplied by the cost per unit according to standards.

Direct Materials

Raw materials that can be directly attributed to the production of specific goods or services in a manufacturing process.

Variance Reports

Financial analyses that compare actual performance against planned or budgeted performance.

Form Content

Refers to the specific subject matter covered by a document or form, detailing the various elements and information it encompasses.