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ECONOMICS
Representative
Sam Johnson: "Working to Reduce Your Tax Burden" I believe that our current tax code is economically destructive, impossibly complex, and overly intrusive. It has impeded our ability to create jobs, encourage savings and investment, and realize the American dream. This is illustrated by the fact that our current tax code has grown from 11,000 words to over 7 million. According to West Publishing, who is an official publisher of the tax code, it takes two volumes and 1,168 pages to publish the
code, plus, an additional 6,439 pages of Federal Tax Regulations that apply to income taxes. To make it easier to comply with these regulations, the IRS has created about 480 forms with an additional 280 to explain how to fill out the 480. I think this is ridiculous. That is why this system should not be changed, but replaced... What is Representative Johnson's point of view on tax policy?
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When the percentage change in the quantity demanded is less than the percentage change in price then demand is?
Answer and Explanation: 1) When the percentage change in the quantity demanded is less than the percentage change in price, then demand is C. inelastic.
When the quantity supplied changes by a larger percentage than the percentage of change of price then the price elasticity of supply is?
Relatively Elastic Supply
A price elasticity supply greater than one means supply is relatively elastic, where the quantity supplied changes by a larger percentage than the price change.
When the percentage change in quantity supplied is equal to the percentage change in price supply is said to be?
Unitary elasticity means that a given percentage change in price leads to an equal percentage change in quantity demanded or supplied.
When a percentage change is quantity demanded is greater than the percentage change in price is known as?
When the percentage change in quantity demanded is larger than the percentage change in price, demand is said to be (c) price elastic. If the percentage change in quantity demanded is larger than the percentage change in price, it means that the quantity demanded is highly responsive to changes in price.