The excise tax on gasoline is an example of a tax based on the ability-to-pay principle
a. True
b. False
B
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Economic models must be tested with data to see if they are correct.
Answer the following statement true (T) or false (F)
Agriculture is the primary occupation in Agraria and agricultural products account for two-thirds of Agraria's gross domestic product
How will a sharp fall in the price of agricultural products affect Agraria's economy if the demand for such products is price-inelastic?
Normally, when a governmental price control affects the price, it can be expected to result in a
A. reduction in the number of units purchased only when the price is forced down. B. reduction in the number of units purchased when the price is forced down and an increase number of units purchased when the price is forced up. C. decrease in the number of units purchased when the price is forced up or down. D. increase in the number of units purchased when the price is forced up or down.
Other things constant, the quantity of money demanded varies: a. directly with the market interest rate
b. inversely with the market interest rate. c. inversely with the price level. d. directly with the price level. e. inversely with the unemployment rate.