Which of the following statements is true?
A) Exponential growth refers to growth by the same amount in every time period.
B) To depict variables that have exponential growth, it is more convenient to use an axis with a proportional scale.
C) Linear growth refers to growth by the same proportion in every time period.
D) To depict variables that have exponential growth, it is more convenient to use an axis with a linear scale.
Consider two countries: country A and country B. At the beginning of year 2010, the GDP per capita in both countries is $2,400. The annual growth rate of output in country A is 3%, while the annual growth rate of output in country B is 5%.
B
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Currently. the price of consuming housing src="https://sciemce.com/media/3/ppg__cognero__Chapter_07_Income_and_Substitution_Effects_in_Consumer_Goods_Markets__media__9b711c52-06c1-4848-984d-2ca85addf439.PNG" style="vertical-align: -8px;" width="17px" height="28px" align="absmiddle" />. At the same time, the government lowers the tax on other consumption, lowering the price from 
is lowered by the fact that home mortgage interest is tax deductible. Suppose the government proposed to eliminate this implicit subsidy of your housing consumption, raising the price from 
to 
to 
.
a. Write down your original budget constraint assuming the consumer has income I.
b. Suppose the utility function 
captures your tastes, and suppose 
, 
, 
, 
and 
. Write out the utility maximization problem for this consumer prior to any policy change.
c. How much housing and other goods will this consumer consume prior to any policy change?
d. How much would this consumer be willing to pay to get the policy change implemented?
What will be an ideal response?
When each firm is liable for taxes on total sales but can claim the taxes already paid by suppliers as a credit against liability we are using the
A. reserve method. B. chain method. C. invoice method. D. VAT method.
One of the main production advantages of the steam engine was the flexibility of its location
Indicate whether the statement is true or false
State and local governments generate most of their revenues through
A. Inventory and excise taxes. B. Corporate profit taxes. C. Sales and property taxes. D. Income taxes.