This country’s oil is mostly in sand deposits.
a. Canada
b. US
c. Mexico
d. China
a. Canada
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A tax on the wages paid to an employee is called the:
A. payroll tax. B. personal income tax. C. corporate income tax. D. excise tax.
What happens in the long run after an increase in government spending growth?
A. Inflation expectations adjust and the SRAS curve shifts backwards. B. The AD curve remains permanently in its new position. C. The LRAS curve shifts out to match the increase in AD. D. The AD curve shifts back to its original position.
Suppose equilibrium real GDP is currently at $800 billion and investment is $100 billion. If an increase in the interest rate reduces investment from $100 billion to $75 billion, and the MPC is 0.8, the new level of equilibrium real GDP will be:
A. $500 billion. B. $600 billion. C. $675 billion. D. $775 billion.
The formula for the elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price.
Answer the following statement true (T) or false (F)