If the marginal tax rate is less than the average tax rate as taxable income increases, the tax structure is
A) proportional. B) progressive. C) unfair. D) regressive.
D
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When the price of a pizza is quoted in dollars, this is an example of dollars serving as:
A. a store of value. B. a medium of exchange. C. a unit of account. D. barter.
Figure 19-2
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Of the graphs in Figure 19-2, which one shows the effects on the exchange rate of an expansion in Japan?
A. 1 B. 2 C. 3 D. 4
New growth theory predicts that
A) economic growth is only temporary. B) economic growth can last indefinitely. C) economic growth is eroded by changes in taxes. D) government policies can do nothing to foster increased growth.
The definition of cross elasticity of demand for two products X and Y is
A. percentage change in quantity of X demanded/percentage change in quantity of Y demanded. B. percentage change in price of Y/percentage change in quantity of X demanded. C. percentage change in price of Y/percentage change in price of X. D. percentage change in quantity of X demanded/percentage change in price of Y.