Human capital is the equipment and machinery used directly by workers
a. True
b. False
B
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A local government currently has a tax base of $4 billion and a tax rate of 5 percent. If the tax rate is increased to 6 percent, the tax base will decrease to $3.5 billion. If the goal is to maximize tax revenues the tax rate should be
A) lowered below 5 percent. B) kept at 5 percent. C) raised to 6 percent. D) abolished.
Which of the following is NOT a benefit of money when used as a medium of exchange?
A. allowing for some economic efficiencies B. providing economic growth C. allowing individuals to specialize D. allowing individuals to pay off debts
A tax that distorts an economic decision always imposes an excess burden and decreases efficiency.
Answer the following statement true (T) or false (F)
The following national income data for an economy are in billions of dollars.)
Refer to the above data. Which items need to be accounted for in going from National Income to GDP?
A.
1, 12, and 13
B.
2, 11, and 12
C.
13 only
D.
1 and 2