Income taxes and social insurance taxes comprise approximately what percentage of federal? revenues?
A. ?55%
B. ?65%
C. ?85%
D. ?95%
Ans: C. ?85%
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If a $10 billion increase in investment leads to a $20 billion increase in GDP, the multiplier is
A) 0.5 B) 2 C) 10 D) 30
Business cycles are best categorized as
(a) fluctuations in the production and employment levels in the business sector of the economy. (b) major upswings and downturns in most sectors of the economy. (c) variations in international trade. (d) all of the above.
In autarky,
a. each country's consumption possibilities are the same as its production possibilities b. equilibrium is attained with the maximum gains from specialization and trade c. equilibrium is attained with the maximum amount of international trade d. a nation has such a high standard of living that there are technically no poor people e. a nation is governed by an individual with absolute authority
When Pigouvian subsidy is imposed on a market with a positive externality, total surplus:
A. decreases less than the increase in consumer surplus. B. increases less than the decrease to producer surplus. C. increases more than the increase in consumer surplus. D. decreases more than the decrease to producer surplus.