The stimulus package proposed by the Bush Administration in early 2008 relied upon
A. a permanent increase in personal income tax rates.
B. a temporary surtax added to existing personal income tax rates.
C. a requirement that any children claimed as dependents have social security numbers.
D. making permanent the 2003 income tax rate cuts, as well as tax rebates to taxpayers.
Answer: D
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Explain the basic macroeconomic policy trilemma for open economies
What will be an ideal response?
A firm will purchase additional units of a resource as long as each unit's
a. marginal revenue product is greater than zero b. marginal revenue product equals the product price c. marginal revenue product is greater than or equal to its marginal resource cost d. marginal revenue product is less than its marginal resource cost e. total revenue product is greater than its marginal resource cost
It is customary to express changes in the exchange rates of two currencies over time, as:
a. the loss of purchasing power of one currency divided by the loss of purchasing power of the other currency. b. the percentage change expressed as an appreciation or depreciation of one against the other. c. a ratio of the absolute values (without signs). d. a ratio of the price of gold in each nation.
If the price of a good goes up by 20 percent and the quantity demanded falls by 40 percent, the price elasticity of demand is 2.
Answer the following statement true (T) or false (F)