Many economists argue that real GDP is NOT a good measure of economic well-being because
A. it includes the taxes we pay to the federal government.
B. it excludes the environmental quality of life.
C. it overvalues the increases in nonmarket transactions.
D. it excludes Social Security payments made to retirees.
Answer: B
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The most progressive tax of the major taxes employed in the United States _____
a. are sales taxes b. are excise taxes c. are income taxes d. are property taxes
Lobbying can shape regulations through:
A. collusion. B. objective cost benefit analysis. C. rent-seeking behavior. D. forced action.
In addition to tax payments, the two other primary costs that a tax system inevitably imposes on taxpayers are
a. deadweight losses and administrative burdens. b. deadweight losses and frustration with the political system. c. administrative burdens and tax-preparation costs. d. administrative burdens and the risk of punishment for failure to comply with tax laws.
The equilibrium price under an import quota is below the price that occurs with free trade.
Answer the following statement true (T) or false (F)