The tax on cigarettes in New York City is one of the highest in the nation—$5.85 per pack. What are some of the secondary effects of this tax? Check all that apply.
The tax on cigarettes in New York City is one of the highest in the nation—$5.85 per pack. What are some of the secondary effects of this tax? Check all that apply.
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter4: Demand And Demand: Applications And Extensions
Section: Chapter Questions
Problem 5CQ
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The tax on cigarettes in New York City is one of the highest in the nation—$5.85 per pack.
What are some of the secondary effects of this tax? Check all that apply.
Expert Solution
Step 1
Tax is a mandatory unilateral or one way payment made by the public towards the government in the economy. The tax is charged based on various factors such as on the income earned by the individual (known as income tax), on the property owned (Property tax), on the profession hold (known as professional tax) etc. These taxes constitute the main source of income of the government which is used by the government to meet the public expenditures in the economy. Thus, the taxes in the economy are very important and contribute more to the development and growth of the economy.
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