Autonomous expenditure is spending that is:
A. based on the rate of borrowing.
B. that is determined by the government.
C. not sensitive to the level of income in the economy.
D. spent when income changes in the economy.
C. not sensitive to the level of income in the economy.
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The federal personal income tax
A. is actually less progressive than official tax schedules would indicate because of various tax exemptions and deductions. B. has become extremely progressive as a result of taxpayers' being pushed into higher tax brackets by higher income levels. C. has experienced substantial increases in rates during the past two years. D. has a regressive structure.
Why might an oil cartel's effectiveness be undermined during a recession but strengthened during an economic boom?
What will be an ideal response?
Two economists found empirical evidence that when the price of rice decreased in the Hunan province of China, local residents consumed less rice than before the price decrease. The study provides a real-world example of a(n)
a. normal good. b. inferior good that is not a Giffen good. c. Giffen good. d. luxury good.
Ceteris paribus, if the French decide they want to drink more Chinese-grown tea, this causes the ________ Chinese currency to ________.
A. supply of; decrease B. demand for; decrease C. demand for; increase D. supply of; increase