The federal government receives most of its revenue from personal income taxes and payroll taxes.
Answer the following statement true (T) or false (F)
True
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Increases in real GDP would overstate the increase in the well-being of a country over time if, over that time period, the
A) price level increased. B) amount of pollution decreased. C) crime rate decreased. D) average hours worked per week increased.
Demand is said to be price elastic at a point on a demand curve if a
a. 1 percent rise in price reduces the quantity demanded by more than 1 percent. b. 1 percent rise in price reduces the quantity demanded by less than 1 percent. c. 1 percent rise in price reduces the quantity demanded by more than 10 percent. d. 10 percent rise in price reduces the quantity demanded by less than 10 percent.
Which of the following statements is correct?
a. Neither economic theory nor evidence from the U.S. economy suggests that there is a close link between productivity and real wages. b. Economic theory suggests that there is a close link between productivity and real wages, but evidence from the U.S. economy fails to confirm that link. c. Evidence from the U.S. economy suggests a close link between productivity and real wages, but economic theory provides no basis for such a link. d. Both economic theory and evidence from the U.S. economy suggest that there is a close link between productivity and real wages.
The Herfindahl-Hirshman Index is a method for determining ______.
a. whether or not price fixing is occurring b. compliance with import tariff laws c. an industry’s market concentration d. how much collusion exists in an industry