Economists began to lose confidence in the Phillips curve during the:
a. 1930s.
b. 1960s.
c. 1970s.
d. 1980s.
e. 1990s.
c
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A government proposal to increase marginal tax rates on the wealthiest 2 percent of U.S. residents is supposed to generate an additional $100 billion in tax revenues. It is likely that
A) the actual revenue raised will exceed the $100 billion, because the other 98 percent of the population will increase their work effort with a more fair tax system. B) the actual revenue raised will be more than $100 billion, because the short-run aggregate supply curve is upward sloping. C) the actual revenue raised will be close to $100 billion, because the wealthy don't respond to work incentives the way poorer workers do. D) the actual revenue raised will be less than $100 billion, because some of the people will respond by working less and earning less income that can be taxed.
Republicans often argue in favor of what to push the economy toward economic recovery, as they did during the recession that began in 2008?
A. Tax cuts B. Increase government spending C. Decrease government spending D. Encourage the public to save more
According to purchasing-power parity, what is the relationship between changes in price levels between two countries and changes in nominal exchange rates?
The multiplier can be calculated by dividing:
A. the initial change in spending by the change in real GDP. B. one by one minus the marginal propensity to save. C. one by one minus the marginal propensity to invest. D. the change in real GDP by the initial change in spending.