The Laffer curve shows the relationship between tax
a. revenue and tax rates
b. revenue and take-home pay
c. revenue and government spending
d. rates and take-home pay
e. rates and government spending
A
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In the above figure, the total cost curve is curve
A) A. B) B. C) C. D) none of the curves in the figure.
If real GDP per capita in the United States is $8,000 in 2016, and if real GDP per capita is $12,000 in 2026, what is the average annual percent change in the growth rate of GDP per capita between 2016 and 2026?
A) 3.33% B) 5% C) 33% D) 50%
Which of the following statements best explains how the use of money in an economy increases economic efficiency?
A) Money increases economic efficiency because it is costless to produce. B) Money increases economic efficiency because it discourages specialization. C) Money increases economic efficiency because it decreases transactions costs. D) Money cannot have an effect on economic efficiency.
If saving exceeds investment, then the level of GDP will
A. increase. B. remain constant. C. decrease. D. rise above potential GDP.