In England, the Thatcher government substituted a “poll tax” for the local property tax. People took strong exception to the tax, which is basically a head or “lump sum” tax. The principle of taxation such a tax violates is called
A. the benefits principle.
B. the excess burden principle.
C. the ability-to-pay principle.
D. the constitutional principle.
Answer: C
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If the required reserve ratio is 15 percent, currency in circulation is $400 billion, checkable deposits are $1000 billion, and excess reserves total $1 billion, then the M1 money multiplier is
A) 2.54. B) 2.67. C) 2.35. D) 0.551.
According to some estimates, over the last two decades China has had an annual average growth rate of about 12 percent
a. True b. False Indicate whether the statement is true or false
A monopolist always decides on how much to produce by equating marginal revenue to zero
Indicate whether the statement is true or false
The demand curve facing the monopolist is
A) the same as the market demand curve. B) more elastic than the market demand curve. C) less elastic than the market demand curve. D) upward sloping.