Inheritance taxes tend to increase income inequality in the long run
a. True
b. False
Indicate whether the statement is true or false
False
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Economic decision making recognizes that
A) all choices have benefits and costs. B) benefits are largely free while costs are not. C) costs are controllable but benefits are not measurable. D) prices do not reflect all information known to managers. E) resources and wants are limited.
In the real economy, income taxes are generally proportional or progressive
What will be an ideal response?
The amount of revenue the government collects after imposing the tariff is ________.
A. $40,000 B. $10,000 C. $1,000 D. $4,000
All of the following are characteristics of perfect competition EXCEPT
A. homogeneous products. B. each firm is a price taker. C. a lack of barriers. D. product differentiation.