Question 32 2 pts What piece of legislation was passed that put an extra excise tax on firearms, pistols, revolvers, ammunition and accessories, and archery equipment? Duck Stamp Act Lacey Act Pittman-Robertson Act Migratory Bird Treaty Act
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Step 1: The question asks to identify the legislation that imposed an extra excise tax on firearms, pistols, revolvers, ammunition, accessories, and archery equipment. Show more…
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The Laffer curve Government-imposed taxes cause reductions in the activity that is being taxed, which has important implications for revenue collections. To understand the effect of such a tax, consider the monthly market for rum. With no tax, the equilibrium quantity is 50 bottles. The following table shows the equilibrium quantity produced and sold in the market for various per unit taxes: Tax Quantity (Dollars per bottle) (Bottles) 0 50 10 45 20 40 30 35 40 30 50 25 Suppose the government imposes a $20-per-bottle tax on suppliers. At this tax amount, the equilibrium quantity of rum is 40 bottles, and the government collects tax revenue.
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