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Which of the following statements is/are incorrect in explaining the tax being treated as leakage in the circular flow of income between household and firms?
a) Tax is the part of income that is received by households but then paid to government.
b) Tax is taken out of the circular flow of income.
c) Households can spend it on goods and services.
d) Tax is an amount that is withdrawn or leaked from the circular flow of income.
a.
b only
a. b only
b.
a, b and c
b. a, b and c
c.
b and c
c. b and c
d.
c only
d. c only
e.
b, c and d
Draw the indifference curve for someone deciding how to allocate time between work and leisure. What will be the shape of labour supply curve?
Price elasticity of demand measures the responsiveness of the quantity demanded to a change in price when all other influences on buyers’ plans remain the same. Explain the different types of elasticity of demand.
With the reference to the above case study, discuss the likely factors that influence the price of fuel.
Critically analyze the concept of Pareto efficiency. Use relevant theory and diagrams to support your analysis
why isn’t trade among countries like a game with some winners and some losers
Discuss three inventory valuation methods that can be applied in terms of the international financial reporting standards
Suppose you are given the following information about some hypothetical economy and its national income accounts. Use this information to answer the questions that follow. (Amounts are in billions of dollars)
Indirect Business Taxes
$198
Corporate profits
$251
Corporate profits taxes
$96
Retained earnings
$74
Proprietors' income
$123
Rents and interest earned
$148
Exports
$157
Imports
$224
Income Earned from rest of world by US citizens
$219
Income Earned by rest of world in US
$219
Net Domestic Product
$2151
Government expenditures
$483
Transfer Payments
$510
Social Security Taxes (employee & employer)
$370
Consumption expenditures
$1505
Gross Investment
$470
Disposable personal income
$1673
Required;
gdp
Explain both the meaning of economic growth and why it is considered to be an important objective for government.
Apply relevant economic analysis to evaluate why it is argued that relying on economic growth itself is not a useful way of measuring real progress in advancing the well-being of society.
Consumer firm and government benefits, Advantages and disadvantages of economic growth
Explain both the meaning of economic growth and why it is considered to be an important objective for government.
Apply relevant economic analysis to evaluate why it is argued that relying on economic growth itself is not a useful way of measuring real progress in advancing the well-being of society.
