Suppose the government eliminates the income tax and, Accounting Basics

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Suppose the government eliminates the income tax and

Suppose the government eliminates the income tax and replaces it with a consumption tax. With a consumption tax, individuals pay a tax on only the part of their income they spend rather than save. Think about the effect of this change on the market for automobiles. Can you necessarily tell what will happen to the price and quantity of automobiles? Briefly explain.

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Accounting Basics: Suppose the government eliminates the income tax and

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