For which of the following reasons is VAT considered a very important revenue generator for a government?
a. It is regressive in nature
b. It targets only individuals in the high income class
c. It cannot be avoided by individuals
d. It boosts a country's export
e. It lowers a country's import
c
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Suppose the state of Wyoming passes a law that increases the tax on cigarettes. As a result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states. Which of the following principles does this best illustrate?
a. People respond to incentives. b. Rational people think at the margin. c. Trade can make everyone better off. d. Markets are usually a good way to organize economic activity.
Suppose that during one year the following events happen. A French investor buys stock in General Electric, a U.S.-based corporation. General Electric pays the investor dividends until she sells the stock to a U.S. resident, who quickly resells the stock to another U.S. resident. Explain how these transactions would be recorded in the U.S. balance of payments?
What will be an ideal response?
Suppose real GDP was 100 in year 1 and 105 in year 2. The growth rate of real GDP is:
A. 0.5 percent. B. 1.5 percent. C. 2.5 percent. D. 5 percent.
BathGroom0675134183222251270
Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. The opportunity cost of grooming the first dog in a day is bathing ________ dog(s).
A. 1 B. 2 C. 24 D. 25