Which statement is true?
A. The Kemp-Roth Tax Cut of 1981 and the Tax Reform Act of 1986 both lowered federal personal income tax.
B. The Kemp-Roth Tax Cut of 1981 and the Tax Reform Act of 1986 raised federal personal income tax.
C. The Kemp-Roth Tax Cut of 1981 raised federal personal income tax while the Tax Reform Act of 1986 lowered them.
D. The Kemp-Roth Tax Cut of 1981 lowered federal personal income tax while the Tax Reform Act of 1986 raised them.
A. The Kemp-Roth Tax Cut of 1981 and the Tax Reform Act of 1986 both lowered federal personal income tax.
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In 1943-1945
A. there was substantial unemployment in the U.S. B. there was substantial excess plant and equipment in the U.S. C. the U.S. had not yet completed its recovery from the depression. D. the U.S. was temporarily operating at a point beyond the production possibilities frontier.
Which of the following would decrease the value of money?
a. Money demand exceeds money supply b. The Federal Reserve sells government bonds c. The velocity of money decreases d. The price level decreases
An outcome is socially optimal if it:
A. is determined by the government. B. maximizes total economic surplus. C. leaves no unexploited opportunities for individuals. D. is an equilibrium outcome.
Recall the Application about the link between happiness and GDP to answer the following question(s). Comparing changes in happiness to changes in per capita income over the last 30 years, economists at Dartmouth College and Warwick University have measured levels of happiness in the United States and United Kingdom based on income levels, ethnicity, age, and gender.This Application addresses the economic concept of:
A. real versus nominal GDP. B. fluctuations in GDP. C. GDP as a measure of welfare. D. measuring a nation's national income.