Death taxes, both state and federal, account for about _____ percent of total tax revenue
a. 1%
b. 2%
c. 3%
d. 10%
a
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If the world price of a good is below the no-trade domestic price, a country
A) will benefit from exporting the good. B) will benefit from importing the good. C) cannot benefit from trade. D) has a comparative advantage in the production of that good. E) will not engage in trade for that good.
Two goods are substitutes if a decrease in the price of one raises the quantity demanded of the other.
Answer the following statement true (T) or false (F)
The purchasing power of the average person in the world today is:
A. more than 30 times as high as it was 200 years ago. B. more than 20 times as high as it was 300 years ago. C. is about the same as it has been during the last two centuries. D. has increased steadily over the last two centuries.
Which of the following is a step that economists take in order to examine a real-world issue?
a. Determine the results that will occur if the market being considered is a controlled market b. Look at the real-world results to see the similarities they hold with the results of a free market c. Suggest remedies and policies to alter the results of a free-market d. Suggest remedies or policies to alter the real-world result e. Assume that the market transactions, in a real-world, is completely controlled by the government