Direct taxes are levied directly on people or corporations.
Answer the following statement true (T) or false (F)
True
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A key implication of the policy irrelevance proposition is that
A) only unanticipated policy actions can influence real Gross Domestic Product (GDP). B) only fully anticipated policy actions can influence real Gross Domestic Product (GDP). C) the rational expectations hypothesis is incorrect. D) none of the above.
Purchasing power parity does a ________ job in explaining movements in nominal exchange rates in the short run and does a ________ job in explaining movements in nominal exchange rates in the long run
A) reasonable; reasonable B) reasonable; poor C) poor; reasonable D) poor; poor
Critics of the Keynesian view of closing a recessionary gap argue that
a. Keynesians fail to appreciate the self-correcting nature of the economy b. government spending is virtually cost-free because resources are unemployed c. deficit financing places no burden on the economy d. public works programs never continue beyond their usefulness e. deficits are always needed to stimulate the economy
A soda factory employs seven workers and produces 500 bottles of soda a day. The company reduces the workforce to six workers and output is now 450 bottles a day. The seventh worker:
A. had a lower marginal product than the sixth worker. B. caused average product to fall. C. had a marginal product of 50 bottles of soda. D. All of these are true.