A retail sales tax is a proportional tax with respect to income.
Answer the following statement true (T) or false (F)
False
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The most basic premise of the aggregate expenditures model is that the
A. unemployment level in the economy is inversely related to the inflation rate. B. total output produced in the economy depends directly on the level of total spending. C. level of employment in the economy depends inversely on the real wage rate. D. total output produced depends mostly on the total capacity of firms to produce.
The term underground economy refers to
a. the coal-mining industry b. all ore mining c. the subway system d. purely illegal activity e. market activity not reported to the government
A Gini coefficient is a measure of
a. age dispersion b. the ratio of income to wealth c. social security d. the ratio of government spending to GDP e. income distribution
If a 10% increase in price decreases the quantity demanded by 12%, the price elasticity of demand is 1.2.
Answer the following statement true (T) or false (F)