According to your text, which of the following represents the largest source of tax receipts for the Federal government?
A) sales taxes
B) individual income taxes
C) corporate income taxes
D) property taxes
B
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All of the following statements are true of the minimum efficient scale except one. Which one?
A) Any increase in the scale of operation will encounter either constant returns to scale or diseconomies of scale. B) All possible economies of scale have been exhausted. C) The short-run average total cost curve's minimum point is equal to the long-run average cost curve's minimum point. D) An increase in the output level will increase profit.
The unbalanced development strategy is preferred by many economists because
a. it relies on the vast resources of government rather than on the unreliable promises of private investment b. it creates a dynamic chain reaction of economic development c. it promotes economic dualism d. it overcomes the obstacles created by forward and backward linkages e. it favors demand-induced investments over supply-induced investments
If apples and pears have equivalent opportunity costs,
a. it makes no difference what the economy produces, pears or apples b. the economy always gains from producing more and trading the other c. the production possibilities curve is bowed out d. one apple trades for two pears e. one apple trades for one pear
The banking system currently has $10 billion of reserves, none of which are excess. People hold only deposits and no currency, and the reserve requirement is 10 percent. If the Fed raises the reserve requirement to 12.5 percent and at the same time buys $1 billion worth of bonds, then by how much does the money supply change?
a. It falls by $12 billion. b. It falls by $19 billion. c. It falls by $21 billion. d. None of the above is correct.