Which of the Following Is an Example of a Positive

question 126

Multiple Choice

Which of the following is an example of a positive economic statement?

• A)Workers with families should be paid at least the minimum wage.
• B)If crime rates reduced,the world would be a better place to live in.
• C)Marginal tax rates should be reduced for individuals in the highest tax bracket.
• D)An increase in the price of gasoline will cause a reduction in the amount of gasoline purchased.
• E)Corrupt politicians ought to be voted out of office.

Describe the administrative burden of tax systems and strategies to mitigate it.

Explain the benefits principle of taxation and its application.

Understand the historical trends in government revenue as a percentage of GDP in the U.S.

Identify and explain the largest categories of expenditures for state and local governments.

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Definitions:

Price Inelastic

Describes a situation where the demand for a product does not significantly change with a change in the product's price.

Marketing Mix

The set of actionable marketing tools—Product, Price, Place, Promotion—that a company uses to pursue its marketing objectives in the target market.

Right Price

The optimum price point for a product or service where it meets the customer's value perception and the company's profitability goals.

Reasonable Price

A price that is fair and appropriate for the value of the goods or services being provided, often considered from the perspective of the average consumer.