Recall the Application. One difference between a value-added tax and an income tax is the value-added tax
A) is a progressive tax. B) is not a consumption tax.
C) does not penalize individuals who save. D) is difficult to collect.
C
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The Patient Protection and Affordable Care Act (ACA) is scheduled ________, at which point more than 30 million additional individuals are expected to have health care coverage
A) to be completely in place in 2016 B) to be phased out by 2015 C) to be phased in over the next 20 years D) to be fully implemented by 2019
At low wages, the labor supply curve for most people slopes upward because
A) the demand for labor is perfectly elastic at low wages. B) as wages increase the opportunity cost of leisure increases. C) as wages increase income also increases unless hours worked decrease. D) the supply of labor is perfectly inelastic at low wages.
Suppose Larry's Lariats produced 25,000 lassos and sold each for $10. What was the profit for this company?
A. $250,000 B. $25,000 C. $125,000 D. Cannot calculate profit without more information.
Is it possible for a currency to appreciate relative to one currency, and depreciate relative to another?
a. No, a currency rises or falls against all currencies. b. No, this could happen only under the gold standard. c. Yes, but only if all governments agree on the new rates. d. Yes, this is possible in a world of floating rates.