In 1789 the percentage of the average American's income that went to pay taxes was about
a. 5%. Today it is about 50%.
b. 5%. Today it is about 25%.
c. 50%. Today it is about 33%.
d. 25%. Today it is about 33%.
b
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
The most volatile type of capital flow is
a. direct investment b. long-term bank lending c. stock market purchases d. short-term bonds e. none of the above is very volatile
In a two-period model, holding everything else constant, an increase in current taxes
A) unambiguously increases the current account surplus. B) unambiguously decreases the current account surplus. C) has an uncertain effect on the current account surplus. D) has no effect on the current account surplus, as long as Ricardian equivalence holds.
Brand names are
A) generally not a source of power B) free C) costly D) an enforceable contract