A curve showing the relationship between tax rates and tax revenues is called a __________ curve
A) Phillips
B) Keynesian
C) Gaussian
D) Laffer
D
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
When there is a building that is used for production, but no one has clear property rights to it
A) this is known as "dead capital" and causes no production. B) this is known as "dead capital" and causes efficient production. C) resources are guided to their best use by "the invisible hand." D) this is known as "dead capital" and causes inefficient production.
Intraindustry trade is characterized by what two features of the industry and market?
A) Diseconomies of scale and homogeneous products B) Non-tariff barriers and large-scale foreign investment C) Quota auctions and low effective rates of protection D) Economies of scale and differentiated products E) Government subsidies and industrial policy
Most immigrants to Country X are high-skilled workers. How would the wages of these workers be affected by changes in immigration levels?
a. An immigration increase would increase their wages. b. An immigration increase would not affect their wages. c. An immigration decrease would decrease their wages. d. An immigration decrease would increase their wages.