Capital income includes:
A. wages and salaries.
B. earnings of the self-employed.
C. profits, rent, and interest.
D. capital gains from stock sales.
Answer: C
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If a tax cut increases people's labor supply, then
A) tax cuts increase potential GDP. B) tax cuts decrease aggregate demand. C) tax cuts decrease potential GDP because the real wage rate falls. D) tax cuts cannot affect aggregate demand. E) Both answers B and C are correct.
Why is the demand for an input considered a derived demand?
What will be an ideal response?
Checking exchange rates, you find $1 equals 0.75 euros. Then the price of 1 euro is
A) $0.25. B) $0.75. C) $1.33. D) $4.30.
A tax whose burden is the same proportion of income for all households is
A. an equal tax. B. a regressive tax. C. a proportional tax. D. a progressive tax.