Analysis of U.S. budget deficits in the United States between 1990 and 2000 indicates that which of the following is primarily responsible for the reduction in the budget deficit?
A) decrease in spending
B) increase in tax revenues
C) decrease in spending and increase in tax revenues
D) lower interest rates
E) increases in tax rates
C
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Differentiate between a progressive tax system and a regressive tax system
What will be an ideal response?
Refer to Figure 17-3. Panel D is appropriate when used to represent
A) the quantity of labor demanded by an input price taker. B) the quantity of labor supplied by someone working a fixed number of hours. C) the labor supply curve facing an input price taker. D) the highly-skilled labor market supply curve.
An inferior good is defined by an income elasticity less than 1
a. True b. False
Suppose an economy experiences a reduction in productivity. Explain both the short-run and medium-run effects of this reduction in productivity on output, employment, and the unemployment rate
What will be an ideal response?