The abundance of goods and services we have today is largely because our factories, offices, and homes have been transformed by ______________ .
Fill in the blank(s) with the appropriate word.
Ans: technology
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A needed reform in the U.S. income tax system that would reduce the costs of inflation is to
A) go back to taxing nominal wage and salary income. B) start taxing real wage and salary income. C) go back to taxing nominal interest income. D) tax real interest income.
As the price of a good rises:
A. firms generally decrease the supply of the good. B. government regulation becomes more justified. C. firms generally increase the supply of the good. D. more firms can cover their opportunity cost of producing the good.
In a growing economy, it is possible to eliminate
A) absolute poverty. B) relative poverty. C) both absolute and relative poverty. D) either absolute nor relative poverty.
Which of the following government entities relies most heavily on sales taxes?
A. Local government B. State government C. Federal government D. The Social Security Administration