A tax that exacts a lower proportion of income from higher-income people than it does from lower-income households is a regressive tax.
Answer the following statement true (T) or false (F)
True
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The FOMC meets approximately eight times per year and at these meetings they
a. set a target federal funds interest rate. b. set a target money supply. c. set a target employment target. d. All of the above e. None of the above
Suppose the velocity of money is 8, the amount of money in circulation is $200 billion, the index of prices is 150, and real GDP is $10 billion. According to the strict quantity theory of money, if the money supply doubled to $400 billion,
a. the velocity of money would fall to 4. b. the index of prices would increase to 300. c. real GDP would increase to $20 billion. d. the velocity of money would rise to 16.
Rather than always choosing the best course of action, humans make decisions that are merely good enough. In other words, they are
In 2012, the public debt in the U.S. on a per capita basis was about:
A. $100,000 B. $38,000 C. $75,000 D. $52,000