A general sales tax is a unit tax placed on all retail sales
a. True b. False
b
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Classical growth theory proposes that real GDP growth is ________ and that real GDP per person will ________ the subsistence level
A) permanent; temporarily be above B) permanent; always be above C) temporary; temporarily be above D) temporary; be above and below
Households in the Lowest Income 20%:
a. usually have the least one full-time, year round worker b. usually remain in this Group for decades c. both of the above d. neither of the above
Differentiate between an induced increase in consumption and an autonomous increase in consumption. How are they represented on a graph?
What will be an ideal response?
Robert and Janet are discussing unemployment and inflation in their country. Robert, on the basis of a recent newspaper report, claims that a 5% reduction in unemployment will lead to a 2% rise in inflation
On the other hand, Janet insists that inflation is a far bigger problem than unemployment and should be addressed with prime importance. Classify Robert's and Janet's statements as descriptive or advisory. Explain your answer.