The U.S. federal government collects about one-half of the taxes in our economy
a. True
b. False
Indicate whether the statement is true or false
False
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The above figure illustrates Mary's production possibilities frontier. If Mary wants to move from point d to point c, she must
A) improve technology. B) increase her accumulation of capital. C) give up some of good X in order to obtain more of good Y. D) give up some of good Y in order to obtain more of good X.
What would happen in the market for loanable funds if the government were to decrease the tax rate on interest income?
a. The supply of and demand for loanable funds would shift right. b. The supply of and demand for loanable funds would shift left. c. The supply of loanable funds would shift right and the demand for loanable funds would shift left. d. None of the above is correct.
At the beginning of the year, Tom's Tubes had a capital stock of 5 tube inflating machines. During the year, Tom scrapped 2 old machines and purchased 3 new machines. Tom's gross investment for the year totaled
A) 1 machine. B) 2 machines. C) 3 machines. D) 6 machines.
Developing countries are starting to converge with developed countries in the long run in what respect?
a. Growth rate b. Income inequality c. Population d. Per capita income