Benefit principle - concept of taxation in public finance. It is said that whoever benefits more from public or government expenditure should pay more taxes to support the expenditure.
Ability-to-pay principle - progressive taxation wherein people earning more are subject to bigger taxes because they have the ability to pay more. Taxes should be levied according to the individual's ability to pay.
Answer:
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<span>The commercial fishing equipments like the Waterman industries deep-water reel, produced in the US is not bought by a typical consumer from the US.
The GDP deflator is an indicator of all the prices of the products that have been produced domestically.
Since the commercial fishing equipment is not purchased usually by a US consumer, there will not be any GDP deflator price change which might affect the CPI (consumer price index).
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A task force is a temporary team that investigates a particular problem and typically disbands when the decision is made.
Task forces are often used in emergency situations or situations with sudden unexpected changes. In the US government, there are many task forces within almost every agency to address particular issues.
Answer: True
Explanation:
Endpoint elasticity measures the price change and demand during the endpoint of the change. It uses a simple formula for the calculation of the price and the demand relationships. The formula is:
= (D2 - D1)/D1 ÷ (P2 - P1)/P1
where,
D2 = new demand
D1 = initial demand
P2 = new price
P1 = initial price.
The statement that "The endpoint method computes the percent change as a percent of the starting value" is true.