In an expansion, tax payments tend to increase and transfer payments tend to decrease
a. True
b. False
A
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A normal good is a good whose quantity demanded
A. rises when its price falls. B. falls when the price of a related good falls. C. falls when the consumer’s total utility rises. D. rises when the consumer’s real income increases.
Throughout this discussion of taxes, there has been repeated mention of the need for progressivity in the tax system. Why is this an important goal for tax systems in most societies?
What will be an ideal response?
When you buy at a low price in one market then sell at a higher price in another market you are engaging in
A) arbitrage. B) price discrimination. C) odd pricing. D) an antitrust prohibited practice.
If the CPI is currently 296.3 and the base year is 1967, how much was the CPI in 1967?
A. 96.3 B. 100 C. 196.3 D. 200