What is least accurate about the US experience with the income tax?
a. The federal income tax was not used for an extended period until after 1910.
b. In the late 1800s and early 1900s, people from the South and West were most likely to support an income tax.
c. Increases in the income tax were justified by using the money for more generous army pensions and increased military spending, especially for the US Navy.
d. Provisions for the income tax were stated in the US Constitution.
d. Provisions for the income tax were stated in the US Constitution.
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Refer to Figure 15-7. Suppose the economy is in a recession and no policy is pursued. Using the static AD-AS model in the figure above, this situation would be depicted as a movement from
A) C to D. B) A to B. C) C to B. D) A to E. E) B to A.
Which of the following accurately depicts the situation of India's trade in services and what it might mean for the global economy?
A) It is not perceived as threatening to the industrialized nations so it is likely to grow without any impact. B) Because it is nothing new, other economies have had time to adjust. C) It creates only harm to other national economies. D) It may lead to protectionist sentiment and policies in other nations as comparative advantages shift.
To keep employees from shirking, invest in greater monitoring
a. when monitoring is expensive relative to its benefits b. especially when monitoring is not very efficient c. when employees respond well to incentive contracts d. when incentives fail to solve either moral hazard and adverse selection problems with employees
Which of the following statements is false?
A) The shift factors for the supply curve are: income, preferences, prices of related goods, the number of buyers, and expectations of future price. B) A change in (own) price changes the quantity supplied of a good. C) A change in demand is graphically represented by a shift in the demand curve. D) A change in quantity demanded is represented by a movement along a given demand curve.