A consumption tax that replaces an income tax
a. only taxes a household on the money it spends.
b. discourages saving.
c. would likely result in a lower level of saving than an income tax.
d. ultimately taxes income twice - once when the household pays income tax and once when the household makes a purchase.
a
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The value of the real estate that a bank uses for its operations will be included in the bank's:
A) cash equivalents. B) reserves. C) short-term borrowing. D) long-term investments.
Based on the figure above, if the firm produces 7 cans per day, the firm ________ maximizing its profit and is ________
A) is; incurring an economic loss B) is; making a normal profit C) is; making an economic profit D) is not; incurring an economic loss E) is not; making a normal profit
An industry with only two competing firms is called a ________
A) duopoly B) perfect competition C) monopoly D) monopolistic competition
Given total cost and the quantity of output, marginal cost and average cost can be determined.
Answer the following statement true (T) or false (F)