A(n) _____ is an indirect tax imposed on each sale at each stage of production
a. personal tax
b. value-added tax
c. excise duty
d. sales tax
e. ad-valorem tax
b
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A major contribution of the Solow model is its ________
A) insight into what distinguishes rich economies from poor economies B) explanation of why productivity grows over time C) demonstration that the key to sustained growth is a high level of saving D) encouragement of policies to limit population growth
Which of the following would result in a movement along the production possibilities curve?
A) a fall in the unemployment rate B) growth in the capital stock C) population growth D) a change in the outputs of two goods that a society chooses to produce
The federal government never has to pay off the national debt
a. True b. False Indicate whether the statement is true or false
The goals of the principal participants in the economy are to maximize:
A.) Income for consumers, profits for business, and taxes for government. B.) Goods and services for consumers, scarce resources for businesses, and money for government. C.) Happiness for consumers, profits for businesses, and general welfare for government. D.) Goods and services for consumers, scarce resources for businesses, and general welfare for government.