One advantage of a value added tax over a sales tax is _____
a. that it does not require that retail and wholesale purchases be distinguishable
b. it is easier to compute
c. it is easier for taxpayers to see and compute
d. it is easier to collect
a
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Answer the following statements true (T) or false (F)
1. The choice of the most efficient production technique is not affected by how much buyers want to buy the product. 2. In a market system, a consumer's willingness to pay—but not his ability to pay—is based on his income. 3. Even if prices are fixed and competition is restricted by the government, the "invisible hand" will still work in the economy and lead to economic efficiency. 4. In a competitive market economy, firms and resource suppliers seeking to further their own self-interest will end up, as though guided by an "invisible hand," promoting the public interest.
A decrease in consumer spending can be expected to shift the:
A. Aggregate expenditures curve downward and the aggregate demand curve leftward B. Aggregate expenditures curve upward and the aggregate demand curve leftward C. Aggregate expenditures curve downward and the aggregate demand curve rightward D. Aggregate expenditures curve upward and the aggregate demand curve rightward