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Author Question: All of society's applied knowledge on how to produce goods and services is A) held by university ... (Read 147 times)

formula1

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on: Jun 29, 2018
All of society's applied knowledge on how to produce goods and services is
 
  A) held by university professors.
  B) called technology.
  C) opportunity cost.
  D) efficiency.

Question 2

Explain why an increase in the tax rate can result in lower tax revenues.
 
  What will be an ideal response?


irishcancer18

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

According to dynamic tax analysis, consumers may react to a higher tax rate by cutting back on purchases of goods and services included in the tax base. The reduction in the tax base may eventually be sufficiently large so that tax revenues decline.


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