One of the consequences of allowing wages to fall in the United States has been growing wage inequality.
Answer the following statement true (T) or false (F)
True
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If the GDP price index rises from 100 to 110 to 115 over three consecutive years, it can be concluded that the inflation rate is decreasing
a. True b. False Indicate whether the statement is true or false
Economic principles suggest that we should focus on balancing the budget rather than balancing aggregate supply and aggregate demand
a. True b. False Indicate whether the statement is true or false
The difference between a fixed tax and a variable tax is that
A. fixed taxes can never be changed, but variable taxes can be changed. B. a change in fixed taxes has no effect on aggregate demand, but a change in variable taxes has an impact. C. a variable tax changes when GDP changes, but a fixed tax does not change with GDP. D. a variable tax can be changed easily, whereas changing fixed taxes requires a constitutional amendment.
Ad valorem taxes
A. are based on income levels. B. are paid as a fixed percentage of a good's unit price. C. are not used in the United States. D. are accessed based on the costs of producing the goods or services.