What is the primary purpose of indirect taxes?

4.1.8.9 Indirect tax NOTES

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Social Studies
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Professional Development
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James Hannaford
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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