The incidence of a tax pertains to:
A. the degree to which it alters the distribution of income.
B. how easy it is to evade the tax.
C. who actually bears the burden of a tax.
D. the progressiveness or regressiveness of tax rates.
Answer: C
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The demand for money is negatively related to
A) the interest rate and positively related to real GDP. B) the interest rate and positively related to unemployment. C) real GDP and positively related to the interest rate. D) real GDP and positively related to the money supply.
If firms in a monopolistically competitive market are earning economic profits, which of the following scenarios best reflects the change a representative firm experiences as the market adjusts to its long-run equilibrium?
A) Demand decreases and becomes less elastic. B) Demand increases and becomes less elastic. C) Demand increases and becomes more elastic. D) Demand decreases and becomes more elastic.