Table 15-4 the Country of Caspir Produces Only Cereal and Milk.Quantities and Milk.Quantities

question 208

Multiple Choice

Table 15-4
The country of Caspir produces only cereal and milk.Quantities and prices of these goods for the last several years are shown below.The base year is 2008.
Prices and Quantities

-Refer to Table 15-4.In 2011,this country's

• A) real GDP was $900,and the GDP deflator was 150.2.
• B) real GDP was $900,and the GDP deflator was 177.8.
• C) real GDP was $1065,and the GDP deflator was 177.8.
• D) real GDP was $1065,and the GDP deflator was 150.2.

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Definitions:

Corporate Income Tax

A tax levied on the net income (accounting profit) of corporations.

Property Taxes

Levies on property that owners are required to pay, usually based on the value of the property.

Sales

The transactions where goods or services are exchanged for money or considerations.

Marginal Tax Rate

The rate at which the next dollar of taxable income would be taxed, reflecting the progressive nature of tax systems.