The federal income tax _____________ compared to a state sales tax.
A. has a lower administrative burden
B. is less efficient
C. is less complex
D. is easier to administer
B. is less efficient
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Which of the following does NOT help explain why oligopolies exist?
A) economies of scale B) mergers C) product homogeneity D) barriers to entry
Which of the following is not true about gross domestic product (GDP)? a. It includes only final goods and services
b. It reflects production in a particular year. c. Intermediate goods and services are excluded to prevent double counting. d. It excludes purchases of financial assets. e. It includes transfer payments.
An increase in the supply of money will:
a. reduce the rate of interest and, thereby, trigger an increase in current spending by households and businesses. b. reduce aggregate demand and real output. c. increase only the general level of prices. d. lead to a higher rate of unemployment.
A ______________ lists the different combinations of two products that can be produced with a specific set of resources, assuming full employment.
a. production function b. consumption function c. production possibilities table d. budget table