The total value of the goods and services produced over a period of time represents an economy’s
a. planned savings.
b. total income.
c. total wealth.
d. capital.
b. total income.
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Refer to Table 18-7. The tax system is
A) proportional throughout all levels of income. B) progressive throughout all levels of income. C) progressive between $10,000 and $12,000 of income and regressive between $16,000 and $22,000. D) regressive throughout all levels of income.
In the equation of exchange, GDP divided by the money supply is equal to
A) M. B) V. C) P. D) Q.
Refer to the information provided in Table 19.7 below to answer the question(s) that follow.
Table 19.7 
Refer to Table 19.7. The tax rate structure in this example is
A. proportional. B. regressive. C. progressive. D. marginal.
Which of the following statements best defines hyperinflation?
A) It is a situation when the annual rate of inflation in an economy is between 20% to 50%. B) It is a situation when the annual rate of inflation in an economy exceeds 50%. C) It is a situation when the annual rate of inflation in an economy is between 10% to 20%. D) It is a situation when the annual rate of inflation in an economy is between 0% to 10%.