In practice, turning horizontal and vertical equity into tax law
A. hasn’t been tried.
B. has been fairly easy.
C. is resisted by nearly all taxpayers.
D. has been extremely difficult.
Answer: D
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A credit-rationed household is more likely to immediately ________ of a one-time tax rebate than is a household that is not credit rationed
A) spend a larger portion B) spend a smaller portion C) save a larger portion D) spend none
Economic growth is an exponential process. What does this mean?
A. It means that the returns to huge capital investments made today will diminish at an increasing rate over time. B. It means that small differences in sustained growth rates have significant effects on a nation's real income over long periods of time. C. It means that countries must allocate increasing amounts of resources to capital goods to see constant increases in the growth rate of potential output. D. It means that if a country allocates a fixed amount of resources to capital goods, its potential output will increase at an increasing rate over long periods of time.
Total revenue for a perfectly competitive firm producing six units of output is $48. Total revenue for producing eight units of output is $64. Given this information, the:
A. average revenue for producing eight units is $16. B. marginal revenue for producing the eighth unit is $16. C. firm should raise its price. D. marginal revenue for producing the eighth unit is $8.
Refer to the above table. Suppose the price of B rises from $18 to $20. What is the cross price elasticity of demand between B and C?
A. -1.7273 B. -0.8947 C. +1.7273 D. -1.1176