The federal government's abilities to tax during war- and peace-times are constrained by
(a) the need to be re-elected by the voting population.
(b) the interests of the non-voting population.
(c) the U.S. Constitution.
(d) the protected rights of state and local governments to tax.
(a)
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A good economic theory, or model, weeds out the irrelevant facts from the relevant ones
a. True b. False Indicate whether the statement is true or false
A Japanese automobile manufacturer building an auto plant in the United States creates a
a. supply of dollars and demand for yen in the foreign exchange market. b. demand for dollars and a supply of yen in the foreign exchange market. c. demand for both dollars and yen in the foreign exchange market. d. supply of both dollars and yen in the foreign exchange market.
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. Jack decides to play the first game, and Kate decides to play the second game as described in the scenario. The expected value of the payoff:
A. is lower for Jack than for Kate. B. is the same in both games, because there's only one red marble. C. is higher for Jack than for Kate. D. is higher in the second game because half the marbles entail a payback of at least what she pays to play the game.
The Volcker disinflation
a. had virtually no impact on output, just as the classical dichotomy suggested. b. was associated with rising output, perhaps due to expansionary fiscal policy. c. caused output to fall, but by less than the typical estimate of the sacrifice ratio suggested. d. None of the above is correct.