Explain why economists today tend to favor a comprehensive personal consumption tax
What will be an ideal response?
Part of the reason for the increasing popularity of consumption taxes is a growing concern with the low saving rate in the United States. Since 1978 there has been concern with productivity growth, and many point to the inadequacy of saving as the culprit.
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In the early 1950s the two new factors that stimulated the United States' economy were ___________ and ____________.
Fill in the blank(s) with the appropriate word(s).
The perfectly competitive market structure benefits consumers because
A) firms add a much smaller markup over average cost than firms in any other type of market structure. B) firms produce high-quality goods at low prices. C) firms do not produce goods at the lowest possible price in the long run. D) firms are forced by competitive pressure to be as efficient as possible.
Economic growth at constant prices will never lead to a fall in the output of one good
Indicate whether the statement is true or false
What explains the sharply divergent long-run growth patterns?
What will be an ideal response?