Bracket creep would less likely occur in which of the following?
A) a progressive income tax system
B) a regressive income tax system
C) a flat income tax system
D) none of the above
B
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If real GDP grows at 4 percent, the quantity of money grows at 6 percent, and velocity does not change, then in the long run the inflation rate is
A) 2 percent. B) 4 percent. C) 10 percent. D) 1.5 percent. E) 6 percent.
Firms can make decisions using marginal analysis even if they do not know the shape of a demand curve.
Answer the following statement true (T) or false (F)
The cost of waiting two months for health care to address a debilitating problem in Canada is most accurately described as
A) an explicit cost. B) an accounting cost. C) no real cost. D) an opportunity cost.
A measure of the average price level for GDP is called the:
A. national price level. B. total price level. C. economy price level. D. aggregate price level.