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.
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.
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)