Using the fiscal year 2017 estimates, the largest component of federal revenue is the
A) individual income tax.
B) corporate income tax.
C) excise tax.
D) social insurance and contributions.
Answer: A
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Which of the following is not a tool of fiscal policy?
a. Money supply b. Government purchases c. Taxes d. Social Security program e. Unemployment benefits
Consider luxury weekend hotel packages in Las Vegas. When the price is $250, the quantity demanded is 2,000 packages per week. When the price is $280, the quantity demanded is 1,700 packages per week. Using the midpoint method, the price elasticity of demand is about
a. 1.43, and an increase in the price will cause hotels' total revenue to decrease. b. 1.43, and an increase in the price will cause hotels' total revenue to increase. c. 0.70, and an increase in the price will cause hotels' total revenue to decrease. d. 0.70, and an increase in the price will cause hotels' total revenue to increase.
Which of the following is NOT an automatic stabilizer?
A. A change in the tax rate to fight a recession. B. A decrease in tax collections due to a recession. C. Decreased unemployment benefits as the economy expands. D. Increased public assistance payments during a recession.
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