According to the ability-to-pay principle of taxation
A) people in the same economic situation should bear an equal share of the tax burden.
B) individuals who are willing to bear a greater share of the tax burden should be compensated with non-monetary benefits.
C) it is fair to expect a greater share of the tax burden to be borne by people who have a greater ability to pay.
D) individuals who receive the benefit of a good or service should bear a greater share of the tax burden.
C
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When the government increases its borrowing in the loanable funds market, the likely result is ________ loanable funds traded at a ________ interest rate.
A. fewer; higher. B. more; higher. C. more; lower. D. fewer; lower.
Answer the next question on the basis of the following production possibilities tables for two countries, Latalia and Trombonia:Latalia's Production Possibilities ABCDEPork (tons)43210Beans (tons)05101520Trombonia's Production Possibilities ABCDEPork (tons)86420Beans (tons)06121824If these two nations specialize on the basis of comparative advantage
A. Trombonia will produce beans and Latalia will produce pork. B. Latalia will produce beans and Trombonia will produce pork. C. Trombonia will produce both beans and pork. D. Latalia will produce both beans and pork and Trombonia will produce neither.
Suppose when the price of shoe laces goes from $1 to $2 per pair, production increases from 95 million pairs to 105 million pairs per year. Using the mid-point method, the price elasticity of supply is:
A. 6.28 B. 66 percent C. 10.5 percent D. 0.15
Long-run economic growth requires all of the following except
A) technological change. B) increases in capital per hour worked. C) government provision of secure property rights. D) political instability.