Which of the following is more likely to be effective in increasing the growth rate of real GDP?
A) temporary cuts in income taxes
B) permanent cuts in business taxes
C) a one-time personal income tax rebate
D) All cuts in taxes are equally likely to increase the growth rate of real GDP.
Answer: B
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The income elasticity of demand
A) is positive only. B) is negative only. C) must lie between -1 and +1. D) can be positive, negative, or zero.
Which of the following will cause the demand curve for a good to shift to the right?
a. Decrease in income for a normal good. b. Increase in the price of a complementary good. c. Decrease in the price of the good. d. Increase in the price of a substitute good. e. Expectation of a future price decline.
Annual incomes of James, Jack, and Stanley are $30,000 . $50,000 . and $80,000 and their tax rates are 10%, 20%, and 30% respectively. Which tax structure is this an example of?
a. Proportional tax b. Progressive tax c. Regressive tax d. Digressive tax
A forest is an example of a nonrenewable resource
a. True b. False Indicate whether the statement is true or false