A national sales tax is a form of a(n)
a. value-added tax.
b. income tax.
c. consumption tax.
d. capital gains tax.
c. consumption tax.
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Assume the United States is the "domestic" country and Switzerland is the "foreign" country. Which of the following might decrease the real exchange rate between the United States and Switzerland?
A) a depreciation of the franc B) an appreciation of the dollar C) a decrease in the price level in Switzerland D) a decrease in the price level in the United States
Consumption smoothing refers to
A) the tendency of all consumers to choose the same amount of current consumption. B) the tendency of consumers to seek a consumption path over time that is smoother than income. C) the tendency of consumers to seek an income path over time that is smoother than consumption. D) consumer's concerns about going heavily into debt.
Countries with different initial levels of per capita income may gravitate to a similar level of per capita income. Economists call this phenomenon ________
A) convergence B) simulation C) gravitation D) depreciation
Would one expect economic growth to be higher or lower in a country that had poorly defined property rights? Why?
What will be an ideal response?