A consumption tax system is likely to benefit
A) higher income individuals.
B) an individual who, regardless of income, is a large consumer.
C) corporations.
D) lower income individuals.
A
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According to chapter 1 in your textbook, while economic theory offers a biased perspective on social phenomena,
A) it deserves our confidence, but only when it is confined to the monetary or financial sector of society. B) it is useless to anyone who rejects the free market system. C) it is nonetheless worth learning. D) it is superior to all the other social sciences.
The U.S. is the world's largest creditor
Indicate whether the statement is true or false
GDP overstates the productive capacity of a country when:
a. economic bads like pollution are produced and then must be cleaned up. b. there is a sizable underground economy. c. nonmarket production represents a large portion of the economy. d. working conditions improve, allowing jobs to be completed safer and faster.
If average cost is falling, then marginal cost must be falling
a. True b. False Indicate whether the statement is true or false