Which of the following taxes are earmarked?
a. personal income taxes
b. Social Security taxes
c. property taxes
d. excise taxes
e. estate taxes
B
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If the price level in an economy increases, other things constant, consumption spending is likely to _____
a. increase because real income increases b. decrease because real income increases c. increase because the real value of wealth increases d. decrease because the real value of wealth decreases e. increase because nominal income increases
Monetary policy affects aggregate demand with a lag. Approximately how long does it take for monetary policy actions to affect aggregate demand?
When a union raises the wage above the equilibrium level, it
a. reduces both the quantity of labor supplied and the quantity of labor demanded. b. reduces the quantity of labor supplied and raises the quantity of labor demanded. c. raises the quantity of labor supplied and reduces the quantity of labor demanded. d. raises both the quantity of labor supplied and the quantity of labor demanded.
If MV rises from 180 to 270,
A. PQ will fall by 50%. B. PQ will stay the same. C. PQ will rise by 50%. D. PQ will rise by 100%.