Recall the Application the Joint Committee on Taxation and how Congress accounts for the dynamic effects of its policies to answer the following questions.Recall the Application. The Joint Committee of Taxation (JCT) only started to consider the macroeconomic effects of tax cuts starting:
A. 2015.
B. 2014.
C. 2016.
D. 2013.
Answer: A
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Which of the following is the best way to describe equilibrium in a market? At equilibrium, the
A) price is the lowest possible. B) price is usually affordable to most people. C) supply and demand curves can never shift again. D) quantity supplied equals the quantity demanded.
The total utilities associated with the first 5 units of consumption of good X are 15, 30, 40, 47, and 50, respectively. What is the marginal utility associated with the third unit?
a. 15. b. 70. c. 85. d. 10. e. 45.
A perfectly competitive firm is a "price taker" because it cannot sell its product for more than the market price
a. True b. False Indicate whether the statement is true or false
When the average total cost curve is rising, the marginal cost curve will be
A. Below the average fixed cost curve. B. Below the average total cost curve. C. Above the average total cost curve. D. Falling with greater output.