A proportional tax will have a constant tax rate despite changes in the tax base
a. True
b. False
Indicate whether the statement is true or false
True
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Because there is a ________ relationship between the price level and the quantity of real GDP supplied, the aggregate supply curve is ________ curve
A) negative; an upward-sloping B) positive; an upward-sloping C) positive; a downward-sloping D) negative; a downward-sloping E) positive; a vertical
New classical economists believe that wages are inflexible
a. True b. False Indicate whether the statement is true or false
The amount of a tax paid by the sellers will be larger the more ________ the demand and the more ________ the supply
A) elastic; inelastic B) inelastic; elastic C) inelastic; inelastic D) elastic; elastic
Explain how BOP disequilibrium is restored under
(a) flexible exchange rates. (b) fixed exchange rates, after you define what a BOP disequilibrium means.