The economic policy based on the incorrect theory that a nation's economic objective should be to accumulate precious metals in the public treasury is called _____
a. laissez-faire
b. deficit financing
c. socialism
d. mercantilism
e. capitalism
d
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All of the following would be considered a direct material for an automobile
A. Tires B. fabric for seats C. Batteries D. sand paper.
Personal income taxes are reduced as part of an expansionary fiscal policy. What is the impact on aggregate expenditures and income?
A) Both increase. B) Both decrease. C) Aggregate expenditure increases and income decreases. D) Aggregate expenditure decreases and income increases.
The problem of a complex tax code filled with loopholes may be overcome by proposing a complete overhaul of the entire system that lowers taxes for everyone because it _____
a. represents a Pareto superior move b. takes advantage of rational ignorance c. benefits all special interests d. a and b
A Lorenz curve depicts the
a. number of people in an economy living below the poverty line b. percentage of children in an economy who are not receiving adequate nutrition c. percentage of the economy's population benefiting from government spending programs d. percentage of total income that a specific percentage of the population receives e. percentage of the population whose income is dependent on wages and salaries