The productivity growth rates of richer countries tend to be ____ than those of poorer countries.
A. higher
B. lower
C. increasing faster
D. decreasing faster
Answer: B
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Assuming price elasticity of demand is reported as an absolute value, an inelastic demand has a measured elasticity:
A. greater than zero. B. greater than one. C. less than one. D. exactly one.
Static tax analysis assumes
A) all of the present tax rates will be in place for a minimum of twenty years. B) changes in the tax rates have no effect on the tax base. C) changes in the tax rates have no effect on tax revenue. D) changes in the tax rates will change the tax base.
If the price elasticity of demand is elastic, then:
a. Ed < 1. b. consumers are relatively not very responsive to a price increase. c. an increase in the price will increase total revenue. d. there are likely a large number of substitute products available.
The federal government receives most of its revenues from
A. personal income taxes. B. property taxes. C. corporate taxes. D. excise taxes.