According to the text, Ireland and Israel are classified as less developed countries (LDCs)
a. True
b. False
Indicate whether the statement is true or false
False
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When attempting to determine if a sales tax is regressive or not, it is important to consider _____
a. bequests b. that a general sales tax is a consumption tax c. that people pay income taxes d. that individual's incomes change over their lifetime
Henri earned a salary of $50,000 in 2001 and $60,000 in 2012 . The consumer price index was 177 in 2001 and 225 in 2012 . Henri's 2001 salary in 2012 dollars is
a. $39,333.33. b. $74,000.00. c. $89,333.33. d. $63,559.32.
Based on the circular flow diagram, how are households and firms similar?
a. Both receive a profit.
b. Both receive revenue from exports.
c. Both pay wages to employees.
d. Both pay taxes to the government.
A disadvantage of the barter system is that
A. people must produce all their own food, clothing, and shelter. B. the opportunity to specialize is greatly reduced. C. no trade occurs. D. gold is the only unit of account.