The administrative burden of taxation relates to the
a. the disincentive for individuals and businesses to work generate income
b. individuals' cost of preparing tax returns and the government's cost of enforcing tax laws.
c. the opportunity cost of social programs.
d. the net interest that must be paid on the national debt.
b
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If actual inflation is greater than the expected rate of inflation, then probably
A. the borrowers are made better off than lenders. B. the borrowers are made worse off than lenders. C. creditors gain at the expense of borrowers. D. savings accounts have increased in real terms.
During the antebellum period U.S. tariffs on imported cotton textiles:
a. increased profits for British textile producers. b. decreased the prices of cotton textiles in the U.S. c. were supported by the southern states. d. were harmful to U.S. textile producers and their employees. e. None of the above is correct
A market
a. may be an organized exchange. b. refers to a set of sellers and buyers whose actions affect a commodity's price. c. is that area in which buyers and sellers compete to affect a product price. d. All of the above are correct.
Growth in potential GDP depends on
a. the labor force growth rate, capital stock growth rate, and rate of technical progress. b. government spending, growth in prices, and labor productivity. c. cyclical fluctuations and growth in the capital stock. d. growth in real GDP, nominal GDP, and the population.