Q1. When the price of ketchup rises by 15%, the demand for hot dogs falls by 1%, b) Are the goods complements or substitutes?
Q2. What happens to net personal income when the government raises taxes? When the government lowers taxes? How is GDP affected by higher taxes and Lower taxes? What other economic factors are affected when taxes are raised or lowered, and how are they affected? Should the government increase tax rates on everyone as a way to equalize incomes and wealth?