The largest source of receipts for the federal government is
A) corporate income taxes.
B) personal income taxes.
C) capital gains taxes.
D) Social Security taxes.
Answer: B
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Suppose a drought resulted in a major reduction in the California lettuce crop. In the market for lettuce
A) the supply curve shifted to the left resulting in a decrease in the equilibrium price. B) the demand curve shifted to the right resulting in an increase in the equilibrium price. C) the demand curve shifted to the left resulting in a decrease in the equilibrium price. D) the supply curve shifted to the left resulting in an increase in the equilibrium price.
If in some production range average cost is rising, the firm is experiencing
a. increasing returns to scale. b. decreasing returns to scale. c. constant returns to scale. d. increasing costs per unit of output.
Assume that the expectation of declining housing prices cause households to reduce their demand for new houses and the financing that accompanies it. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the quantity of real loanable funds per time period and real GDP in the context of the Three-Sector-Model?
a. The quantity of real loanable funds per time period falls, and real GDP falls. b. The quantity of real loanable funds per time period falls, and real GDP rises. c. The quantity of real loanable funds per time period rises, and real GDP remains the same. d. The quantity of real loanable funds per time period and real GDP remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
The demand for shoes will likely be price ________ while the demand for Sketchers Go Walk walking shoes will likely be price ________.
A. inelastic; elastic B. elastic; inelastic C. elastic; elastic D. inelastic; inelastic