The tax base is
A. the minimum amount of tax revenue that government must collect each year.
B. the sum of all incomes earned in the United States.
C. the maximum amount of tax revenue that government must collect each year.
D. the value of all goods, services, incomes, or wealth subject to taxation.
Answer: D
Economics
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If real GDP grows at 4 percent, the quantity of money grows at 6 percent, and velocity does not change, then in the long run the inflation rate is
A) 2 percent. B) 4 percent. C) 10 percent. D) 1.5 percent. E) 6 percent.
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Which of the following pairs of goods is likely to have a negative cross-price elasticity of demand?
A) pancakes and syrup B) orange juice and grapefruit juice C) peanuts and cat food D) hot dogs and hamburgers
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