A tax that is placed on the quantity of the item being purchased, such as gallons of it, is called a(n)
A. Excise tax.
B. Property tax.
C. Income tax.
D. None of the choices are correct.
Answer: A
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The term "stagflation" is used to define an economic situation where there are adverse supply shocks which cause a fall in output but with increasing price level
Indicate whether the statement is true or false
If a nation borrows $250,000 each in the first, fourth, and fifth year and repays $50,000 each in the second and the third year, the value of government debt at the end of the fifth year is _____
a. $500,000 b. $650,000 c. $100,000 d. $250,000
When a new generation of computers, which are faster and more powerful than the previous generation, is introduced into the resource market:
a. many firms do not change their demand for capital. b. many firms increase their demand for capital. c. many firms decrease their demand for capital. d. the quantity demanded of capital declines. e. the quantity demanded of capital increases.
What is meant by “gross domestic product”?
a. total value of tangible goods b. annual economic growth rate c. output of goods and services d. goods sold within the country