The benefits-received principle of taxation is used to support corporate and personal income taxes.
Answer the following statement true (T) or false (F)
False
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Refer to Table 10-1. Using the table above, what is the approximate growth rate of real GDP from 2015 to 2016?
A) 1% B) 2% C) 3% D) 4%
Suppose that Canada can produce 15 timber or 3 film and Mexico can produce 9 timber or 3 film. Suppose that opportunity costs are constant. Which of the following is FALSE?
A) Canada has an absolute advantage in timber production. B) Mexico has a comparative advantage in film production. C) The opportunity costs for producing timber are lower in Canada than in Mexico. D) Canada and Mexico would find trade mutually advantageous at a ratio of one unit of film to six units of timber.
The permanent income hypothesis indicates that increased savings will cause an increase in long term income
a. True b. False Indicate whether the statement is true or false
An increase in saving
A. decreases the amount of resources available for investment. B. increases the amount of resources that can be devoted to the purchase of capital goods. C. reduces real GDP by decreasing consumption. D. increases a country's present standard of living.