The Laffer curve illustrates the relationship between
a. supply and demand.
b. tax rates and tax revenues.
c. opportunity cost and inflation.
d. tax liability and taxable income.
B
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If an economy's growth rate of real GDP is 3 percent per year and the growth rate of the population is 2.5 percent per year, the growth rate of real GDP per person is
A) 3 - 2.5 = 0.5 percent per year. B) 3 + 2.5 = 5.5 percent per year. C) 2.5 - 3 = -0.5 percent per year. D) [(3 - 2.5 ) ÷ 2.5] × 100 = 20 percent per year. E) [(2.5 - 3 ) ÷ 3] × 100 = 16.6 percent per year.
Which of the following is a checkable deposit?
A) a NOW account B) a money market deposit account C) a certificate of deposit D) a savings account
Labor productivity refers to the total amount of output a worker produces in some period of time (an hour, a week, a month, a year).
Answer the following statement true (T) or false (F)
After the formation of the European Community (EC), three new nations were admitted in 1973 based on their conformance and compatibility with existing democratic norms, economic stability, and economic development. The nations were:
A) Portugal, Spain, and Finland. B) Belgium, the Netherlands, and Luxembourg. C) Denmark, Ireland, and the United Kingdom. D) Italy, Greece, and Turkey.