Taxes collected by businesses and sent to the government are:
a. indirect business taxes.
b. direct business taxes.
c. corporate income taxes.
d. personal income taxes.
a
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Government deficits mean that
a. national saving is negative so public saving is negative. b. national saving is negative so public saving is lower than otherwise. c. public saving is negative so national saving is negative. d. public saving is negative so national saving is lower than otherwise.
I get $200 revenue from the sale of my product each day. I rent the factory that I use for $90 a day. The raw materials of the operation cost $115 a day. I do all the work myself. Both jobs are equally attractive as far as the work is concerned. Recently, a competitor offered me $30 a day to work for him. My accounting profit is ________, and my economic profit is ________.
A. -35; -35 B. 110; -30 C. 25; -5 D. -5; -35
One timing problem with fiscal policy to counter a recession is an "operational lag" that occurs between the:
A. end of the recession and the time it takes to recognize that the recession has ended. B. time fiscal action is taken and the time that the action has its effect on the economy. C. time the need for the fiscal action is recognized and the time that the action is taken. D. start of the recession and the time it takes to recognize that the recession has started.
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A