The sum of the value added by all firms equals total:
A. spending on capital goods.
B. investment spending.
C. value of final goods and services.
D. profits.
Answer: C
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In any given year, many people at the tails of the income distribution are only there temporarily _____
a. because of changes in the tax code b. making it difficult to track them for determining progressivity c. thereby overstating the progressive nature of the tax system d. making it important to look at the progressivity of the tax system in terms of lifetime income
The term barter refers to exchanges made:
a. only with the use of money. b. without the use of money. c. outside the U.S. economy. d. only in underdeveloped countries. e. within countries in a monetary union.
An increase in the price level causes the aggregate supply curve to shift to another supply schedule.
Answer the following statement true (T) or false (F)
The U.S. tariff law that set off an international trade war in the 1930s was the
A. Smoot-Hawley tariff. B. Bentsen-Gephardt tariff. C. Landrum-Griffin tariff. D. Taft-Hartley tariff.