The idea that reductions in tax rates will increase tax revenue is illustrated by the:
A. Laffer Curve
B. Short-run Phillips Curve
C. Long-run Phillips Curve
D. Aggregate supply curve
A. Laffer Curve
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Aggregate demand ________ and shifts the AD curve ________ when ________
A) increases; rightward; government expenditure increases B) increases; leftward; government expenditure increases C) decreases; leftward; foreign income increases D) increases; rightward; future expected profit decreases E) increases; rightward; taxes increase
The market labor-supply curve has all of the following properties except it:
A. is always upward sloping. B. reflects people's willingness to work more when wages are higher. C. shows the relationship between the price of labor and the quantity supplied. D. shifts with changes in the opportunity cost for work
Which of the following would not be counted as a final good for inclusion in GDP?
a. a piece of glass bought by a consumer to fix a broken window b. a sheet of glass purchased by General Motors for the side window of a new car c. a sheet of glass produced this year and ending up in the inventory of a retail hardware store d. All of the above are counted.
Which of the following observations concerning leading economic indicators is true? a. They provide warnings of likely downturns
b. They provide accurate information on the depth of a downturn. c. They provide accurate information on the duration of a downturn. d. Both b. and c. are true.