The ________ principle of taxation is not often used because it is difficult to determine the values individual taxpayers place on goods and services that are produced using tax revenue.
A. vertical equity
B. horizontal equity
C. benefits-received
D. ability-to-pay
Answer: C
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An increase in people's expected future disposable income ________ saving supply, and the supply of loanable funds curve ________
A) decreases; shifts rightward B) does not change; does not shift C) increases; shifts rightward D) increases; shifts leftward E) decreases; shifts leftward
The use of interchangeable parts in armament production by Whitney and North:
a. caused machinery to be replaced by skilled labor. b. capital-labor proportions in the US to remain equal to those in England. c. allowed producers to raise the price of guns. d. increased the demand for skilled labor.
If production of a good creates beneficial externalities, a perfectly competitive market will produce
a. less output than would maximize profit. b. more output than would maximize profit. c. less output than is socially efficient. d. more output than is socially efficient.
Suppose demand increases and supply decreases. Which of the following will happen?
What will be an ideal response?