According to the Economic Freedom Index,
A) countries with the lowest economic freedom enjoyed the highest per capita GDP.
B) countries with the highest economic freedom enjoyed the lowest per capita GDP.
C) countries with the highest economic freedom enjoyed the highest per capita GDP.
D) there is no relationship between economic freedom and per capita GDP.
C
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In 1991, Congress levied a 10 percent luxury tax on yachts over $100,000 . The tax brought in far less than was anticipated, they must have passed the legislation thinking the demand for yachts was more ___ than it actually was
a. elastic b. inelastic c. unit elastic d. none of the above
One difference between sales and excise taxes is that:
A. sales taxes are only applied at the state level, while excise taxes are only applied at the federal level. B. excise taxes apply to a wide range of products, while sales taxes apply only to a select list of products. C. sales taxes are calculated as a percentage of the price paid, while excise taxes are levied on a per-unit basis. D. excise taxes are calculated as a percentage of the price paid, while sales taxes are levied on a per-unit basis.