Taxes that change with the level of real GDP and income are called
A) flexible taxes.
B) voluntary taxes.
C) induced taxes.
D) forced taxes.
E) GDP taxes.
C
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Why might an automobile labor union lobby Congress to place tariffs on labor-saving devices like automated welding and riveting machines? Why might this be a mistake?
What will be an ideal response?
A perfectly inelastic demand means:
A. consumers will change the quantity they purchase when price changes. B. demand will drop to zero if the price increases by any amount. C. consumers will not change the quantity they purchase when price changes. D. the demand curve is perfectly horizontal.
An example of fiscal policy would be government:
A. increasing the amount of available educational grants. B. decreasing the income tax. C. increasing corporate income taxes. D. increasing money supply.
The most efficient combination of resources in producing a given output is the combination that:
A. comes closest to using the same quantities of land, labor, capital, and entrepreneurial ability. B. minimize the cost per unit of output. C. uses the smallest total quantity of all resources. D. conserves most on the use of labor.