About 35,000 general aviation multiengine airplanes are licensed to operate in the United States. If an additional $1,000-per-year tax was levied on each plane to raise general revenue, economic thinking suggests the
a. annual revenue from this tax would be less than $35,000,000.
b. annual revenue from this tax would be $35,000,000.
c. annual revenue from this tax would be more than $35,000,000.
d. number of airplanes would increase dramatically.
A
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When a society's economic institutions provide secure property rights, set up a judicial system that enforces contracts and upholds the law, allow private parties to sign contracts for economic and financial transactions, and maintain relatively free
entry into different businesses and occupations, the institutions in the society can be said to be: A) inclusive. B) extractive. C) exogenous. D) exclusive.
Explain the relationship between real GDP and aggregate planned expenditure, AE. What change to inventories takes place when the two are not equal?
What will be an ideal response?