The legislative intent of the Gramm-Rudman-Hollings Act was to
A. increase defense-related expenditures.
B. decrease personal and corporate taxes.
C. reduce the federal deficit by a set amount each year.
D. increase federal interstate highway expenditures.
Answer: C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Refer to Table 9-2. Assume the market basket for the consumer price index has two products — bread and milk — with the following values in 2011 and 2016 for price and quantity: The Consumer Price Index for 2016 equals
A) 118. B) 116. C) 86. D) 85.
At first patents might seem like a deterrent to growth because in effect they restrict the use of new technology. Yet many economists believe that patents generate growth. Explain why
Corporate taxes are a direct tax.
Answer the following statement true (T) or false (F)