Answer:
c. There is a direct relationship between a good’s price and the amount offered for sale by suppliers.
Explanation:
According to the law of supply concept, it shows a direct relationship between the price and the quantity supplied.
As the price is rising, the quantity supplied also increases and if the rice is declining, the quantity supplied is also decreases
Since the supply curve slopes upward in the right direction which reflects the direct relationship between the price and the quantity supplied.
Answer:
1. False
2. True
3. False
4. False
5. True
6. True
Explanation:
1. False: Investment spending is spending on financial assets like stocks and bonds.
2. True: Transfer payments are not counted in the calculation of GDP.
3. False: If the nominal GDP increases then the economy is definitely experiencing inflation.
4. False: An economy is not at full employment unless there is no unemployment.
5. True: Countries that have generous unemployment benefits tend to have higher natural rates of unemployment. 6. True: Lumberjacks are structurally unemployment when they are replaced by machines.
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Answer:
1. True. The tax rates are higher, the greater one's income
Explanation:
1. True. Progressive tax is defined as a tax whose rate increases as the payer's disposable income increases. The implication is that ,individuals who earn high incomes have a greater proportion of their incomes taken to pay tax.
A perfect example of progressive tax is income tax whose rate is tied directly to personal income income.
2. False. The rate increases as the disposable income of the tax payer increases under progressive tax
3.False. Entrepreneurial income will be taxed after adjusting for allowobale and non-allowable income and expenses and relevant loss relief.
4. False. The revenue realised from progressive taxes are utilized by the government as stipulated in the budget.
