The deductibility of state and local taxes at the federal level _____
a. biases states against raising property taxes
b. increase the amount of federal taxes paid
c. reduces the marginal cost of paying state and local taxes
d. raises the costs of paying state and local taxes
c
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"Fair" outcomes and "efficient" outcomes are always identical
a. True b. False Indicate whether the statement is true or false
Most economists now agree that the Phillips curve demonstrates that there is
a. an unemployment-inflation trade-off in the long run, but not in the short run. b. an unemployment-inflation trade-off in both the short run and the long run. c. an unemployment-inflation trade-off in the short run, but not the long run d. no unemployment-inflation trade-off in either the short run or the long run.
If aggregate demand shifts left, then in the short run
a. the price level and real GDP both rise. b. the price level rises and real GDP falls. c. the price level falls and real GDP rises. d. the price and real GDP both fall.
The horizontal axis of a graph that shows a market demand curve indicates the:
A. Different prices at which various levels of output can be sold B. Number of consumers who are in the market for this product C. Various quantities of output at which the market will be cleared D. Quantities which consumers will be willing and able to buy at various prices