The total dollar amount of excise taxes people pay each year depends on ______.
a. income level
b. purchases of certain products
c. net worth
d. returns from investments
b. purchases of certain products
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What factors raise the productivity of labor?
What will be an ideal response?
The rate of inflation over time records the absolute change in the average cost of purchasing a basket of goods and services
a. True b. False Indicate whether the statement is true or false
Figure 17-2
Given the situation in graph (1) in Figure 17-2, what action could be expected from the economy's self-correcting mechanism?
a.
an increase in aggregate demand
b.
a decrease in aggregate demand
c.
an increase in aggregate supply
d.
a decrease in aggregate supply
Government intervention in the form of binding price floors or binding price ceilings will:
A) always enhance the efficiency of the market. B) result in either surpluses or shortages. C) move the market toward its equilibrium quantity more quickly. D) often be seen as necessary to decrease the activity of black markets.