Daily Output of Japan and U.S

question 24

Multiple Choice

Daily Output of Japan and U.S.
Table 18.2
-Refer to Table 18.2.The opportunity cost of tractors in Japan is:

• A)2 stereos.
• B)1/4 stereo.
• C)1/2 stereo.
• D)4 stereos.

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Definitions:

Gross Income

The total revenue received before any deductions or allowances, typically in the context of business revenues or individual wages before taxes.

Deductions

Amounts subtracted from gross income to reduce taxable income, including certain expenses, contributions, and allowances.

Sales Tax

A tax imposed by a government on the sale of goods and services, usually calculated as a percentage of the sales price.

Excise Tax

A tax imposed on specific goods, services, or transactions, often included in the price of the product, like fuel, tobacco, and alcohol.