The most unequal distribution of income in the United States is in Washington, D.C
Indicate whether the statement is true or false
TRUE
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Assume that the supply curve for a commodity shifts to the right and the demand curve shifts to the left, both by the same degree. Then, in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a lower price and quantity. B) a higher price and quantity. C) a lower price and the same quantity. D) a higher price and the same quantity.
On the graph above, a permanent tax reduction, assuming that there is a permanent effect on aggregate supply, is likely to move the economy from point 1 to point ________
A) 2 B) 8 C) 6 D) 3
Recent legislation provides parents with a substantial reduction in their personal income tax liability for each child that they have. The economic way of thinking indicates that legislation of this type will
a. make it more costly for parents to provide for their children. b. reduce the value of children to their parents and, therefore, lead to a reduction in the birth rate. c. reduce the after-tax cost of raising children and, therefore, increase the birth rate. d. exert no impact on either the cost of raising children or the birth rate since having children is a not an economic activity.
Which of the following events will most likely cause an increase in both the price level and real gross domestic product?
(a) The prime rate increases (b) Exports increase (c) Income taxes increase (d) Crude oil prices decrease (e) Inflationary expectations decrease