A tax that is structured so that people pay the same percentage of their income in taxes is called a(n):
A. flat tax.
B. regressive tax.
C. progressive tax.
D. excise tax.
Answer: A
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Dalton, Georgia, a town with a population less than 35,000, has developed into a leading producer of carpets, despite its small size
Some government officials argue that the success achieved by firms in Dalton in developing a comparative advantage in carpet making because of external economies can be used to justify trade barriers as a means to protect an "infant industry." After an infant industry gains experience it can compete in international markets and the trade barriers can be removed. What objections do economists make to this argument in favor of trade barriers?
Estimates of the North American Native American population in 1491:
a. range in hundreds of billions. b. range in the hundreds of thousands. c. range in the millions. d. range in the tens of thousands.
The measure of the price level of all goods and services produced in an economy is called _____
a. the GDP inflator b. the GDP deflator c. nominal GDP d. real GDP
A bank's reserve ratio is 5 percent and the bank has $2,280 in reserve. Its deposits amount to
a. $114. b. $2,166. c. $2,400. d. $45,600.