In 2014, what were the two largest sources of federal tax revenues, and what were the two largest expenses of the federal government?
In 2014, individual income taxes and social insurance taxes were the two largest sources of federal tax revenues. Income security and health were the two largest categories of federal government expenditures in 2014.
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When the Fed increases the money supply by buying Treasury securities, it will
a. decrease short-term interest rates to a greater degree than long-term interest rates. b. decrease long-term interest rates to a greater degree than short-term interest rates. c. increase short-term interest rates to a greater degree than long-term interest rates. d. increase long-term interest rates to a greater degree than short-term interest rates.
For a particular competitive firm, the minimum value of average variable cost (AVC) is $12 and is reached when 200 units of output are produced. For the same firm, the minimum value of average total cost (ATC) is $15 and is reached when 230 units of output are produced. Which of the following statements is correct?
a. In the short run, the firm will shut down if the price of its product is $11. b. In the long run, the firm will shut down if the price of its product is $14. c. If the price of its product is $12, then the firm's loss if it produces 200 units of output is the same as its loss if it shuts down. d. All of the above are correct.
High-wage workers are
A. more likely than low-wage workers to supply more labor when the wage rate rises. B. about as likely as low-wage workers to supply more labor when the wage rate rises. C. less likely than low-wage workers to supply more labor when the wage rate rises. D. about as likely as low-wages workers to supply less labor when the wage rate rises.
If white workers earn more than black or Hispanic workers primarily because of differences in education, then this means there is no discrimination against blacks or Hispanics. This statement is
A. false, because it could be that black and Hispanic workers face discrimination or other obstacles to receiving a quality college education. B. true, because black and Hispanic workers are paid less because they have less education, not because of discrimination. C. false, because employers are discriminating by choosing not to hire uneducated workers, regardless of their race. D. true, because antidiscrimination laws went into effect a long time ago.