Asked by
Yipcys Moreno
on Dec 05, 2024
Verified
(Figure: The Shrimp Market) Use Figure: The Shrimp Market.If the government wants to limit shrimp sales to 250 pounds,it can impose a _____ excise tax on sellers,and the total tax revenue generated will be _____.
A) $5;$2,500
B) $7.50;$7,500
C) $10;$2,500
D) The answer cannot be determined from the information provided.
Excise Tax
A tax on specific goods, such as alcohol and tobacco, typically imposed at the point of manufacture or sale.
Total Tax Revenue
The total amount of money collected by the government from taxes, which can come from various sources like income taxes, sales taxes, and corporate taxes.
Shrimp Market
The global or local market involved in the trading and selling of shrimp, encompassing both wild-caught and farmed shrimp.
- Gain insight into the impact of government measures, such as excise duties, on market performance and productivity.
- Uncover the connection between tax rates and tax revenue in the sphere of elasticity.
Verified Answer
ZR
Learning Objectives
- Gain insight into the impact of government measures, such as excise duties, on market performance and productivity.
- Uncover the connection between tax rates and tax revenue in the sphere of elasticity.