Inflation leads to bracket creep, which forces taxpayers to pay a larger percentage of their income in taxes, when
(a) Changes in the real purchasing power of their income do not keep pace with inflation.
(b) Changes in the real purchasing power of their income keep pace with inflation.
(c) Income tax codes change quickly as inflation emerges, impacting real purchasing power.
(d) Income tax codes increase without taxpayer knowledge, forcing them to pay higher taxes
than anticipated.
(a)
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Outcomes are fair according to the
A) rules view if private property rights are established and trade is voluntary. B) results view if private property rights are established and trade is voluntary. C) rules view if there is not too much inequality. D) results view if there is not a big tradeoff. E) results view if there is equality of opportunity.
Approaches to measuring GDP include all of the following except the
A) cost approach. B) product approach. C) income approach. D) expenditure approach.