The federal income tax on wages is the largest source of revenue for the federal government
Indicate whether the statement is true or false
TRUE
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Recessionary gaps are associated with output below potential and high unemployment rates.
Answer the following statement true (T) or false (F)
Which of the following is true if the price of coffee increases?
A. The demand for tea, a substitute good, will decrease. B. The demand for coffee will increase. C. The demand for tea, a substitute good, will increase. D. Both the demand for coffee and tea will increase.
If you knew that two countries had the same level of real GDP per person, what additional piece of information would help you determine in which country people had a better standard of living?
A. The average number of hours worked per week in each country B. The average level of prices in each country C. The population of each country D. The total physical volume of output for each country
The demand for money is likely downward sloping because
A. interest sensitive consumption and business investment are both negatively impacted by increases in the interest rate. B. the government can always borrow what it wants. C. interest sensitive consumption and business investment are both positively impacted by increases in the interest rate. D. the marginal revenue product of labor is decreasing.