For about the past 45 years, state and local taxes have remained relatively constant as a percentage of GDP.
Answer the following statement true (T) or false (F)
True
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In the above figure, if the interest rate is 2 percent per year, the quantity of money demanded is
A) greater than the quantity of money supplied, and the interest rate will change. B) greater than the quantity of money supplied, and the demand for money curve will shift. C) greater than the quantity of money supplied, and the supply of money curve will shift. D) less than the quantity of money supplied, and the interest rate will change. E) less than the quantity of money supplied, and the demand for money curve will shift.
If a perfectly competitive firm finds that price is less than its ATC, then the firm
A) will raise its price to increase its economic profit. B) will lower its price to increase its economic profit. C) is making an economic profit. D) is incurring an economic loss. E) is making zero economic profit.
If the economy is producing ________, unemployment is at its natural rate
A) at an unemployment rate of zero B) at an inflation rate of zero C) at potential GDP D) above potential GDP
Pure economic rent is a payment to a resource that
A) has a high opportunity cost. B) has a perfectly inelastic supply. C) has a negative opportunity cost. D) has a perfectly elastic demand.