During the expansion phase of the business cycle
A) production increases.
B) employment decreases.
C) income decreases.
D) unemployment increases.
Answer: A
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In the second quarter (three-month period) of 2016, U.S. nominal GDP increased but U.S. real GDP declined. What can we conclude?
A. Real wages declined by more than real GDP. B. Nominal income declined by more than personal income. C. The price level fell by more than real GDP. D. The price level rose by more than nominal GDP.
The buyers pay all of a tax when the demand is
A) perfectly elastic. B) more elastic than the supply. C) more inelastic than the supply. D) unit elastic. E) perfectly inelastic.
Explain how a firm makes an investment decision
What will be an ideal response?
Answer the following statement true (T) or false (F)
1) "Tax Freedom Day" in the United States typically occurs in mid-July. 2) Government assumes some responsibility for providing a minimum standard of living for all citizens to compensate for the increase in income inequality caused by government tax revenues and expenditures. 3) The largest source of local government's revenue is the sales tax. 4) The basic source of state government's revenue is the property tax.