The tax rate that maximizes the government's revenues is:
A. not always the level that is "best" for the economy.
B. the level that is "best" for the economy.
C. 30 percent.
D. 85 percent.
A. not always the level that is "best" for the economy.
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Sports announcers often refer to a baseball batter in a hitting slump as "being due." If they are correct, then it must be the case that
A) a batter's hits are randomly distributed. B) a batter's at-bats are related to each other. C) a batter's at-bats are independent of each other. D) baseball players are acting irrationally.
Which of the following could cause a long-run shift in demand as part of the "guiding function of price"?
A) a change in tastes and preferences B) an increase in price caused by a shift in supply C) income shift caused by an economic recession D) an increase in number of buyers
A typical worker's normal or average income is called
a. the life cycle. b. permanent income. c. transitory income. d. in-kind transfers.
Below are pairs of GDP growth rates and unemployment rates. Economists would be shocked to see most of these pairs in the U. S. Which pair of GDP growth rates and unemployment rates is realistic?
a. 5 percent, 1 percent
b. 3 percent, 5 percent
c. -1 percent, 3 percent
d. -2 percent, 4 percent