In 2015, the total income of all U.S. residents was about
a. $10 billion.
b. $16 billion.
c. $10 trillion.
d. $16 trillion.
d
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Payroll tax is a proportional tax
a. True b. False Indicate whether the statement is true or false
If the favorable supply shocks of the 1990s were reversed in the future, we should expect a(n)
A. increase in inflation and unemployment. B. decrease in inflation and unemployment. C. increase in inflation and a decrease in unemployment. D. decrease in inflation and an increase in unemployment.
According to the rational-inattention theory, people
A. do not always have all the knowledge about the economy to form inflation expectations. B. are always irrational in forming inflation expectations. C. will never change their inflation expectations. D. are sometimes rational and sometimes irrational in forming inflation expectations.
Predatory pricing is
A. the practice by which a large, powerful firm attempts to drive its competitors out of the market by temporarily setting an artificially low price. B. often effective and a relatively inexpensive means of eliminating competition. C. legal under the U.S. antitrust laws. D. generally more effective when barriers to entry exist.