In 1789, the average American paid approximately what percent of income in taxes?
a. 5%
b. 15%
c. 33%
d. 50%
a
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An increase in government expenditure on goods and services leads to the
A) aggregate supply curve shifting rightward. B) aggregate supply curve shifting leftward. C) aggregate demand curve shifting rightward. D) aggregate demand curve shifting leftward. E) potential GDP increasing.
Since business firms will undertake a project whose rate of return exceeds the present level of interest rates, when interest rates
A) rise planned investment rises, ceteris paribus. B) fall planned investment falls, ceteris paribus. C) rise planned investment does not change. D) rise planned investment falls, ceteris paribus.
General equilibrium analysis:
A. is the study of competitive equilibrium in many markets. B. illustrates the dependence among markets. C. concerns competitive equilibrium in a single market, considered in isolation. D. was pioneered by Nobel laureate Vernon Smith.
Susie wins $2 million in her state's lottery. If Susie keeps working after she wins the money, we can infer that the income effect is larger than the substitution effect for her
a. True b. False Indicate whether the statement is true or false