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Author Question: In 1991, Congress levied a 10 percent luxury tax on yachts over 100,000 . The tax brought in far ... (Read 79 times)

nenivikky

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on: Jun 30, 2018
In 1991, Congress levied a 10 percent luxury tax on yachts over 100,000 . The tax brought in far less than was anticipated, they must have passed the legislation thinking the demand for yachts was more ___ than it actually was.
 a. elastic
 b. inelastic
 c. unit elastic
 d. none of the above

Question 2

If M increases faster than V decreases:
 a. nominal GDP increases.
 b. nominal GDP decreases.
 c. nominal GDP stays the same.
 d. there is an indeterminate effect on nominal GDP.


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joewallace

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

a


nenivikky

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

peter

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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