Refer to Table 20-15. Looking at the table above, real average hourly earnings were equal to ________ in 2015
A) $9 B) $9.52 C) $10 D) $12
B
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An $18 billion increase in spending creates $18 billion of new income in the first round of the multiplier process and $13.5 billion in the second round. The multiplier in the economy is
A. 2. B. 3. C. 4. D. 5.
A(n) ________ tax is a tax on wages that employers are required to withhold from employees' pay
A) social-insurance tax B) excise tax C) income tax D) value-added tax
The statutory incidence of the tax means who:
A. is legally obligated to pay the tax to the government. B. actually loses surplus as a result of the tax. C. bears the burden of any sort of tax. D. gains surplus as a result of the government redistributing tax revenue.
Because of diminishing returns to capital, there is a limit to the increases in average labor productivity that can be gained from additional or improved ________.
A. imports B. physical capital C. availability of land and natural resources D. entrepreneurship