Which of the following is subject to double taxation?
A) income earned by people in the lowest tax bracket
B) Social Security income
C) dividends and retained earnings
D) income earned by government employees
Answer: C
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Other things remaining the same, the quantity of a good or service demanded will increase if the price of the good or service
A) rises. B) falls. C) does not change. D) rises or does not change. E) rises or falls.
How do the Fed's actions influence the inflation rate and how long does it take for inflation to respond to the Fed's policy changes?
What will be an ideal response?
You are told that the price elasticity of demand for widgets is -0.75, the income elasticity of widgets is 2, and the cross-price elasticity of widgets and gadgets is 4. Carefully explain what information you can gather from each of these figures
What will be an ideal response?
Which of the following is a characteristic of capitalism?
a. Government ownership of all capital. b. Government decision-making is preferred to decentralized decision-making. c. Market determination of prices and quantity. d. Equality of income.