An economics textbook is an example of:
A. capital.
B. labor.
C. a natural resource.
D. entrepreneurship.
Answer: A
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According to Ricardian Equivalence theory, a tax cut ________
A) will tend to have little economic effect B) will tend to reduce the magnitude of the trade-off between inflation and the rate of unemployment C) can be an effective policy tool in the midst of an economic downturn D) must be used in conjunction with money supply changes over the course of the business cycle
Consuming to the point where the marginal utility of each good is equal to the price of that good is consistent with utility maximization
a. True b. False
Figure 11-2
Which graph in Figure 11-2 best reflects a supply-sider's view of the impact of an increase in the personal income tax rate?
a.
1
b.
2
c.
3
d.
4
If the government decreases the income tax rate, they assume it will affect which component of GDP?
A. NX B. C C. G D. A change to the income tax rate will not affect any of these components.