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In order to increase revenue, government should tax commodities for which demand is

Economics
JAMB 2022

In order to increase revenue, government should tax commodities for which demand is

  • A. perfectly price inelastic
  • B. price inelastic
  • C. price elastic
  • D. unitary elastic
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Correct Answer: Option B
Explanation

For government to generate more revenue, tax on commodities should be price inelastic. Inelastic means when tax is imposed, consumers do not react to tax i.e more of the goods are demanded.

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Project Topics and Materials, Post-UTME past questions - Download now or upload yours to get paid
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Join your school's WhatsApp group
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Project Topics and Materials, Post-UTME past questions - Download now or upload yours to get paid
Join your school's WhatsApp group
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789