A tax of a specific absolute sum levied on every person in the nation is a(n)
a. excise tax
b. regressive tax
c. progressive tax
d. income tax
e. proportional tax
B
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The table above gives the aggregate demand and aggregate supply schedules in Lotus Land
With no changes in aggregate demand or long-run aggregate supply, in long-run macroeconomic equilibrium, the price level will be ________ and real GDP will be ________. A) 120; $400 B) 110; $500 C) 90; $400 D) 100; $600
A key contribution of Ronald Coase is that he pointed out that private transactions are efficient when the number of parties involved is small
A) and when property rights are well defined and transactions costs are low. B) and when property rights do not exist. C) and that property rights are irrelevant to the existence of externalities. D) and when corporations are not greedy.
Why do most collusive agreements have difficulty surviving?
What will be an ideal response?
Why is it that the enforcement of contracts by government is so crucial to the conduct of business?
What will be an ideal response?