Government Intervention

Also known as Price Floor

• Minimum price

• Maximum price

• Indirect Tax

• Direct Tax

One of the advantages of maximum price control is that it is important for essential products making it more affordable to people

• False

• True

Taxes that are imposed to people

• Indirect tax

• Direct tax

• Excise tax

• GST

According to the value tax

• Excise tax

• Specific tax

• Excise tax

According to Adam Smith, a "good tax" should be...

Are those that when income rises, the proportion of the total paid in taxes increases;

• Regressive tax

• Progressive tax

• Proportional tax

Using the tax table, compute for the withholding tax for a person earning 75,000 a month

A situation where a person can become worse off as a result of an increase in wages because they will lose their entitlement to certain benefits are means tested