Which of the following is credited with making the greatest contribution to economic growth over time for the United States?
A. Improved management techniques.
B. Investment in capital.
C. Research and development.
D. Increased education.
C. Research and development.
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A city government imposes a proportional income tax on all people who earn income within its city limits. In? 2004, the? city's income tax rate was 0.04 ?(4 ?percent), and it collected ?$20.00 million in income taxes. In? 2005, it raised the income tax rate to 0.05 ?(5 ?percent), and its income tax collections declined to ?$19.20 million. What happened to the? city's income tax base between 2004 and? 2005? What would cause a fall in the tax? base?
A.It cannot be determined since the tax rate changed.
B. It rose by ?$116 million.
C. It fell by $0.800.80 million.
D. It fell by $116 million.
A. Incomes of city residents fell.
B.The number of residents earning income fell.
C.Either of the above.
If the price level falls by 5%, then all else being equal, the long-run aggregate supply curve will:
What will be an ideal response?
Assume the exchange rate is allowed to fluctuate freely. Using the IS-LM-IP model, graphically illustrate and explain what effect monetary expansion will have on the domestic economy. In your graphs, clearly label all curves and equilibria
What will be an ideal response?
The concept of opportunity cost
A. can be applied to the analysis of any decision-making process. B. applies to consumers but not to firms. C. refers only to actual payments and incomes. D. is relevant only to economics.