1. [2] Suppose the appraised (market) value of a house is $300,000 and the assessed value is also $300,000. The assessment ratio is then 1, or 100%. 2. [3] The statutog (legal) incidence of the US. retail sales tax is on the consumer. 3. [3] Regarding the individual (personal) income tax, a taxpayer's average tax rate (ATR) is always less than or equal to his/her marginal tax rate (MTR). 4. [3] Even if a person does not work, s/he can get assistance from the Earned Income Tax Credit (EITC). 5. [3] A split-rate property tax system that taxes land at higher rates than improvements (buildings, etc.) would improve efciency compared with a single rate property tax system that collects the same amount of revenues. 6. [3] If an excise tax were placed on bottled water, and as a result, bottled water consumption dropped to zero and therefore, no tax revenue was collected, the excess burden must also be zero. 7. [3] The excess burden (deadweight loss) of a retail sales tax is inversely proportional to the elasticities of demand and supply. 8. [3] The taxation of intermediate goods (goods used in the production of other goods) reduces the excess burden of the retail sales tax, all else equal