Taxes on alcohol and tobacco are often referred to as “______ taxes.”
a. flat
b. vertical
c. sin
d. progressive
c. sin
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From 1929 to 2013, the unemployment rate in the U.S. ________
A) has continued to grow but has always remained well above zero B) has fluctuated around zero C) has gone up and down but has always remained well above zero D) has decreased in most recessions E) has grown by a factor of four
A fall in the price level would lead to an increase in consumption according to ________ because ________
A) Friedman; the value of assets fall B) Modigliani; the value of assets fall C) Friedman; the value of assets rise D) Modigliani; the value of assets rise
The CPI was 120 in 2000 and 132 in 2001. Dorgan borrowed money in 2000 and repaid the loan in 2001. If the nominal interest rate on the loan was 12 percent, then the real interest rate was
a. 2 percent. b. 10 percent. c. 12 percent. d. 22 percent.
The term dollar votes in a market system means:
A. Inflation will occur if consumers don't spend wisely B. Voters may be offered dollars to help elect certain political candidates C. Government is responsible for determining what will be considered legal tender D. Consumers "vote" for certain products to be produced by how they spend their incomes