The supply-side motivated tax cuts of 1981 during the Reagan administration were aimed at:
A. increasing aggregate demand.
B. increasing aggregate supply.
C. decreasing aggregate supply.
D. balancing the federal budget.
Answer: B
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Refer to Table 20.1. George is a single taxpayer with an income of $65,000. If George had received a raise of $3,500 at the beginning of the year, he would have paid an additional ________ in income tax
A) $665 B) $945 C) $1,000 D) $1,330
Which of the following Federal Reserve chairs had the longest tenure?
a. Alan Greenspan. b. Paul Volcker. c. Milton Friedman. d. Arthur Laffer.
What is the term economists use to discuss cost on a per-unit-of-output basis?
a. short-run cost b. fixed cost c. variable margin cost d. average total cost
A ceiling imposed by a country on the quantity of a good or service it will import is called a
A. quota. B. tariff. C. non-tariff barrier. D. trade embargo.