Horizontal equity is a difficult concept to implement because
a. it is difficult to determine how unequally unequals should be treated.
b. it is difficult to measure ability to pay.
c. it is difficult to determine which people are equally situated.
d. people object to the use of absolute tax liability instead of percentage of income.
c
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A rancher raises shee
A) only the raw wool and the yarn. B) only the yarn and the sweaters. C) the raw wool, the yarn and the sweaters. D) only the sweaters.
Wobet is a small country that produces only steak and potatoes. Steaks have a price of $10 each and potatoes have a price of $1 each. Suppose that Wobet produces 10 steaks and 20 potatoes in 2010. Using ________, Wobet has GDP equal to ________
A) market value; 30 units B) a market basket; 30 units C) market value; $120 D) real value; $120 E) a price index; $120
Which of the following statements regarding U.S. economic growth is NOT correct?
A) Over the past 100 years, on the average real GDP per person grew 2 percent a year. B) The average annual growth rate of real GDP per person in the United States was rapid during World War II. C) In the 1930s, real GDP fell well below its trend. D) The growth rate of real GDP per person accelerated between 1973 to 1984.
If the demand for steak increases as income increases, then steak is a(n):
A. complementary good. B. inferior good. C. normal good. D. substitute good.