Question: Statement 1: Taxes imposed and based on weight or volume capacity or any other physical unit of measurement shall be referred to as ad valorem

Statement 1: Taxes imposed and based on weight or volume capacity or any other physical unit of measurement shall be referred to as ad valorem tax. Statement 2: Taxes imposed and based on selling price or other specified value of the good shall be referred to as specific tax. Both statements are true. Only statement 1 is true. Only statement 2 is true. Both statements are false

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