At the federal level, the single most important tax, accounting for slightly less than half of revenue, is the:
A. corporate income tax.
B. personal income tax.
C. sales tax.
D. property tax.
Answer: B
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If a firm in a perfectly competitive industry experiences persistent losses, in the long run it should
A) shut down temporarily and wait for market conditions to change. B) continue to operate if it can raise the demand for its product through advertising and quality improvements. C) exit the industry. D) raise its price to cover average total cost.
A factory recently added new robots to its production line, increasing productivity. This will likely cause a:
A. rightward shift of the supply curve. B. leftward shift of the supply curve. C. shift downward of the supply curve. D. movement up along the supply curve.
Which of the following actions by the Fed would increase the money supply?
a. Reducing the required reserve ratio. b. Selling government bonds in the open market. c. Increasing the discount rate. d. None of these.
The largest dollar amount of GDP is
a) rental payements b) government expenditures on goods and services c) profit d) net exports e) wages and salaries to employees