By adding internal costs to external costs, we determine the total
A. social cost.
B. private cost.
C. opportunity cost.
D. accountint cost.
Answer: A
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Most economists believe that property taxes
A. should be eliminated. B. are progressive. C. should become an important source of revenue for the federal government. D. are regressive.
To decrease the money supply using the reserve requirements, what would the Fed typically do?
A) let each bank get less currency from the Treasury B) raise the reserve requirement for banks C) reduce the reserve requirement for banks D) make each bank voluntarily set its own reserve levels
Supply-side economics focuses on tax cuts to stimulate
A) aggregate demand by reducing saving. B) aggregate supply by increasing production. C) government spending. D) household consumption.
The consumption function shows
a. how fast the economy is consuming its capital. b. that the amount of national income determines the rate at which the economy consumes its resources. c. that households’ incomes determine how much the households will spend for consumer goods. d. the rate at which people actually use up their consumer goods.