What are checkable deposits?
Ans: Claims that depositors have against the assets of the bank
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Suppose the natural unemployment rate is 4 percent and the expected inflation rate is 6 percent. In the figure below, illustrate the long-run Phillips curve
What does the long-run Phillips curve reveal abut the long-run tradeoff between inflation and unemployment?
Why do firms in oligopoly face a temptation to collude?
What will be an ideal response?
The major sources of economic growth are
a. gains from trade, entrepreneurial discovery, and investment. b. high taxes, an expansion in the size of government, and restrictions on investments by foreigners. c. rapid expansion in the supply of money, trade restrictions, and government licensing of business activities. d. free and open elections and politicians who are willing to place the general welfare of the populace above their political ambitions.
Suppose fairness is defined as those with the highest incomes can afford to pay a greater proportion of their income in taxes. Then which of the following taxation systems would be consistent with this notion of fairness?
A. A true flax tax. B. A flat sales tax on consumption purchases. C. A progressive tax on income. D. A fixed federal tax of $5,000 that everyone pays regardless of income status.