A decrease in net taxes _____
Fill in the blank(s) with the appropriate word(s).
increases GDP less than an equal increase in government purchases
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Most economic models
a. incorporate the assumption of rational behavior on the part of economic actors. b. incorporate the notion that people are usually reluctant to change their minds. c. are meant to precisely duplicate reality. d. assume that people often make sub-optimal choices.
Which of the following is a leading business cycle indicator?
a. The unemployment rate. b. The volume of outstanding commercial loans. c. New building permits. d. Personal income.
Consider two activities: Attending economics class and reading an economics textbook. Zack thinks he can learn economics by either attending class or reading the textbook. Zoe knows she learns best by both attending class and reading the textbook. Use indifference curves to illustrate each person's preferences for attending class and reading the text.
What will be an ideal response?
The percentage of African-Americans whose incomes are in the bottom 40% of income earners in the U.S. is
A. about 37%. B. about 57%. C. about 24%. D. about 47%.