During recessionary periods
A. tax revenues fall proportionately faster than does national income.
B. budgetary surpluses are generated.
C. decreases in nominal income are accelerated as tax revenue decreases.
D. higher tax revenues are generated by progressive income taxes.
E. the Congress must lower taxes if full employment is to be achieved.
A. tax revenues fall proportionately faster than does national income.
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A flawed argument for protection from foreign trade is that
i. tariffs save domestic jobs. ii. tariffs protect the national culture. iii. quotas bring about diversity and stability. A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
A sequential game is one where:
A. players take turns making moves and/or decisions. B. players act together to achieve a common goal. C. there is never a winner if players act rationally. D. players make their moves and/or decisions at the same time.
In a Nash equilibrium, each player takes the best possible action given the actions of the other players
Indicate whether the statement is true or false
Suppose a monopolist's marginal revenue equals marginal cost at an output of 100 . If price is $250, and average cost is $50 at this output, compute the monopolist's profit?
a. Profit = $250 b. Profit = $150 c. Profit = $15,000 d. Profit = $20,000