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Revision Unit 22

I Write words for the following definitions.


1 basic systems and services such as transport and power supplies infrastructure
2 distribution according to plan allocation (of resources)
3 not limited by any rules or controls ufettered
4 positive or negative consequences (benefits or costs) of economic activities experienced by other people
externalities
5 the best or most likely to bring success optimal
6 the result or effect of an action or situation outcome
7 to organize something to make a profit commercialize
8 the tax people pay on their wages and salaries income tax
9 a tax levied at a higher rate on higher incomes progressive tax
10 a tax collected at each stage of production, excluding the already-taxed costs from previous stages
value-added tax
11 profits made by selling assets are generally liable to a capital gain tax
12 gifts to family members over a certain value are often liable to an inheritance tax
13 the annual tax imposed on peoples fortunes (in some countries) wealth tax
14 making false declarations to the tax authorities tax evasion
15 reducing the amount of the tax you pay to a legal minimum tax avoidance
16 countries where taxes are low, where multinational companies often set up their head offices
tax havens
17 a small mistake or exception in a tax law, which alows you to avoid paying something loophole