In 2011, the Level of Taxation (The Average Tax Rate)

question 228

Multiple Choice

In 2011, the level of taxation (the average tax rate) required to pay interest on the public debt was about:

• A)2 percent of GDP.
• B)12 percent of GDP.
• C)26 percent of GDP.
• D)57 percent of GDP.

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Definitions:

Substitute Good

A product or service that can be easily replaced with another by consumers, often because it performs a similar function.

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Equilibrium Quantity

The quantity supplied and demanded at the equilibrium price, where the quantity that buyers are willing to buy is equal to the quantity sellers are willing to sell.

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