Philosophical arguments in favor of income redistribution programs include
A) utilitarianism.
B) the Rawlsian social contract.
C) the benefits-received principle.
D) all of the above
D
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Which of the following is NOT a responsibility of the Board of Governors?
A) approving bank mergers B) determining permissible activities for bank holding companies C) carrying out open market operations D) setting the salaries of the presidents and officers of district banks
The Federal Reserve is
a. part of the executive branch of the government b. not part of any branch of the government c. part of the judicial branch of the government d. part of both the legislative and the judicial branch of the government e. part of both the executive and the legislative branch of the government
Potential output in an economy is dependent upon which of the following factors?
a. the given supply of resources b. rate of unemployment c. nominal wages d. potential output is not dependent on any of the previous factors
Suppose that income tax revenues are maximized at an average (income) tax rate of 45 percent. If the Laffer curve is a correct diagrammatic representation of the relationship between tax rates and tax revenue, it follows that a tax rate of
A) 35 percent will reduce tax revenues. B) 48 percent will reduce tax revenues. C) 48 percent will generate as much tax revenue as a tax rate of 45 percent. D) 35 percent will generate as much tax revenue as a tax rate of 45 percent. E) a and b