At the federal level, the single most important tax, accounting for slightly less than half of revenue, is the
a. corporate income tax
b. personal income tax
c. estate tax
d. property tax
e. sales tax
B
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Which of the following is not an advantage of flexible exchange rates?
a. Flexible exchange rates provide businesses with protection against business risks associated with monetary base and the money supply changes. b. Flexible exchange rates provide businesses with protection against business risks associated with exchange rate changes. c. Flexible exchange rates absorb economic shocks. d. Flexible exchange rates allow a nation to pursue an independent monetary policy.
When a firm operates with excess capacity,
a. additional production would lower the average total cost. b. additional production would increase the average total cost. c. it must be a perfectly competitive firm. d. it must be a monopolistically competitive firm.
Suppose the consumption equation is represented by the following: C = 250 + .8YD. The multiplier for the above economy equals
A) 2. B) 3. C) 4. D) 5. E) none of the above
Explain what effect changes in each of the following variables has on the demand for central bank money: (1 ) the interest rate, i; and (b) real income, Y
What will be an ideal response?