Over the past 20 years, the annual revenue received by the U.S. federal government from taxes has averaged roughly ________ of GDP, and the annual revenue received from seigniorage has averaged ________ of GDP
A) 50%; 5%
B) 7%; more than 36%
C) 18%; less than 1%
D) 40%; 10%
C
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The use of checks in transactions
A) entails lower information costs than the use of currency. B) entails fewer steps than settling transactions with currency. C) avoids the cost of transporting currency back and forth. D) entails lower information and fewer steps than settling transactions with currency.
Unplanned inventory decreases: a. tend to result in an decrease in income
b. tend to result in an increase in real output. c. tend to further reduce production. d. signal that demand was weaker than expected.
Compare and contrast financial institutions that act as brokers to those that transform assets. In what sense are both types of institutions financial intermediaries? Provide one example of each type and describe how each functions as a financial intermediary.
What will be an ideal response?
Behavioral economists have discovered that
A) transitivity of preferences always holds, even in animals. B) the law of demand does not hold in controlled experiments. C) transitivity of preferences does not always hold, especially for young people. D) reflexivity of preferences is not true.