4.1.8.9 Indirect tax NOTES

4.1.8.9 Indirect tax NOTES

Professional Development

10 Qs

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4.1.8.9 Indirect tax NOTES

4.1.8.9 Indirect tax NOTES

Assessment

Quiz

Social Studies

Professional Development

Medium

Created by

James Hannaford

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of indirect taxes?

To generate tax revenue for the government

To increase the income of households

To increase corporation tax

To reduce the number of goods and services

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of tax is VAT considered?

Specific tax

Corporation tax

Ad valorem tax

Income tax

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the supply curve when a specific unit tax is imposed?

Shifts down

Shifts up vertically by the amount of the tax

Remains unchanged

Shifts horizontally

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the economic incidence of a tax?

The legal requirement to pay the tax

The extent to which someone is made worse off by the tax

The amount of tax collected

The process of implementing the tax

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What determines the incidence of a tax when demand is elastic?

The tax falls mainly on the consumer

The tax is avoided entirely

The tax falls mainly on the firm

The tax is split evenly between the consumer and producer

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a negative externality?

A government subsidy on harmful products

A harmful effect not reflected in the cost of a good

A harmful effect that is paid for by the consumer

A beneficial effect of a product

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of taxes on negative externalities?

To increase government revenue

To simplify tax collection

To decrease the production of goods

To make consumers or producers pay the full social cost

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