Before the period of modern economic growth:
A. only civilizations such as the Roman Empire experienced economic growth.
B. rates of population growth virtually matched rates of output growth.
C. most economies realized high rates of growth in output per person.
D. output and population growth were stagnant.
Answer: B
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A U.S.-based multinational has two subsidiaries, one in Lithuania where the tax rate is 15%, and one in Ireland where the tax rate is 2%. The tax rate in the U.S. is 35%
If the Lithuanian-based subsidiary is transferring a good to the Irish subsidiary and the goal is to avoid taxes, it will A) sell it to the U.S. parent at a transfer price equal to marginal cost, which will then sell it to the Irish subsidiary at monopoly level pricing. B) set the transfer price to the Irish subsidiary at the monopoly level. C) set the transfer price to the Irish subsidiary at marginal cost. D) Unable to determine with the information given.
During normal times
A) fiscal policy is very effective because it the effects of fiscal policy will swamp automatic stabilizers and time lags can be. B) fiscal policy can immediately correct problems in the economy. C) the Ricardian equivalence theorem makes fiscal policy very effective. D) fiscal policy is not effective because of the recognition time lag.
Average variable costs and average total costs are calculated by dividing by ________
a. revenue b. profit (P) c. output (Q) d. fixed costs (FC)
When banks allow people to make purchases by using a credit card or writing a check, they are providing ______.
a. a dividend b. a medium of exchange c. diversification d. double taxation