If both the price level and nominal incomes change by the same percentage:
a. real GDP will remain constant
b. the aggregate supply curve will be upward-sloping.
c. profit margins will change in real terms.
d. the long-run aggregate supply curve will be horizontal.
e. both a and d.
a
Economics
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Real income is ________
A) equal to money income minus taxes B) equal to the income earned legally C) equal to money income plus benefits minus taxes D) the maximum amount of goods and services that a household can afford
Economics
Which of the schedules represent(s) a progressive tax?
Answer the question on the basis of the following five schedules, all of which represent income tax schedules for an economy. All figures are in billions of dollars.
A. V only.
B. III and V.
C. II and III.
D. III only.
Economics