Compare and contrast the tax base with the tax rate structure
What will be an ideal response?
The base of a tax is the measure or value upon which the tax is levied. The rate structure of a tax determines the portion of the base that must be paid in tax.
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In the above figure, Jack's opportunity cost of producing 1 gallon of soda is ________ of bottled water
A) 2 gallons B) 1/2 of a gallon C) 6 gallons D) 1 gallon E) 1/4 of a gallon
The United States imports t-shirts because
A) it is a dangerous job to produce them. B) the United States has a lower opportunity cost of production. C) the United States must import goods and services from other countries so that they can develop economically. D) foreign economies have an absolute advantage in their production. E) foreign nations have a lower opportunity cost of production.