Both the standard of living and the growth of real GDP per person vary widely across countries
a. True
b. False
Indicate whether the statement is true or false
True
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Explain the difference between macroeconomic variables that are in terms of levels and growth rates. Which important macroeconomic variables are which? Which one is the unemployment rate?
What will be an ideal response?
The most important tax in the U.S. economy is the tax on corporations' profits
a. True b. False Indicate whether the statement is true or false
Sandra routinely uses currency to purchase her groceries. She is using money as a medium of exchange
a. True b. False Indicate whether the statement is true or false
The following data represent a personal income tax schedule. Answer the question on the basis of this information. Refer to the table below. The average tax rate at the $60,000 level of income is:
A. 10.0 percent
B. 11.6 percent
C. 15.0 percent
D. 20.8 percent