The Masstricht treaty set the budget ratio to GDP to be ________ in order for countries to qualify to join the Euro area
A) below 3%
B) below 4%
C) below 5%
D) below 6%
A
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An economist for a bicycle company predicts that, all else held constant, an increase in consumer incomes will increase the demand for bicycles. This prediction assumes that
A. there are many goods that are substitutes for bicycles. B. there are many goods that are complementary to bicycles. C. bicycles are a normal good. D. there are few goods that are substitutes for bicycles.
If demand is perfectly elastic, the absolute value of the price elasticity coefficient is
A) one. B) infinity. C) zero. D) equal to the absolute value of the slope of the demand curve.
Suppose the capital gains tax is 28 percent and you purchased a house ten years ago for $80,000. If you sold the house today you would get $140,000. Your tax liability would be
A) $39,200. B) $16,800. C) indeterminate without knowing the inflation rate. D) indeterminate without knowing the personal income tax rate.
Since 1960, the only period of several years when the full-employment government budget deficit was negative (that is, there was a full-employment surplus) was
A. from 2000 to 2005. B. the early 1970s. C. the late 1990s and early 2000s. D. the mid-1980s.