Induced taxes are defined as taxes
A) that vary with real GDP.
B) enacted by Congress that explicitly state the amount to be paid.
C) we are forced to pay for services from the government.
D) that rise in recessions and fall in expansions.
E) that are avoided with the use of legal tax shelters.
A
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The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the fixed cost?
A) 200 B) 5Q C) 5 D) 5 + (200/Q) E) none of the above
In the short run for a particular market, there are 5,000 firms. Each firm has a marginal cost of $7 when it produces 200 units of output. One point on the market supply curve is
a. quantity = 5,000 . price = $7. b. quantity = 35,000 price = $35,000. c. quantity = 1,000,000 . price = $7. d. quantity = 1,000,000 . price = $35,000.