Refer to Figure 23-3. Suppose that investment spending increases by $10 million, shifting up the aggregate expenditure line and GDP increases from GDP1 to GDP2. If the MPC is 0.9, then what is the change in GDP?
A) $9 million B) $10 million C) $90 million D) $100 million
D
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Whether we look at marginal tax rates or average tax rates, the U.S. income tax is
a. progressive b. based on the benefits received c. proportional d. regressive e. All of the answers are correct.
Which of the following activities would occur in a resource market?
a. Reesa buys a new computer to help balance her personal checkbook. b. Randy pays a speeding ticket. c. Ian mows his grass. d. Pam buys a ticket to the ball game. e. General Motors hires additional workers to run a third shift at its Flint, Michigan, factory.
Of the countries in the European Union, ______ have adopted the euro as its currency.
Fill in the blank(s) with the appropriate word(s).
Changing the ownership of the ocean from common property to private property would
A. not be economically desirable. B. ensure that this resource would be allocated in a more efficient manner. C. result in no appreciable change in efficiency of utilization of this resource. D. ensure that this resource would be allocated in a less efficient manner than under common property rights.