An example of a transfer payment is:
A. the taxes corporations pay on profit.
B. a federal income tax refund.
C. a Social Security payment.
D. the $3 donation to the Wildlife Fund you make on your tax return.
Answer: C
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If there is a direct relationship between two variables
A) the graph of the relationship will be upward-sloping. B) the graph of the relationship will be downward-sloping. C) the slope of the line (or the slope of a tangent line to the curve) will be negative. D) Both answers A and C are correct.
When an increase in government purchases causes firms to purchase additional plant and equipment, we have seen a demonstration of
A. the multiplier effect. B. supply-side economics. C. the crowding-out effect. D. the investment accelerator. E. none of these answers.
For a particular product, an effective price floor results in
A. quantity demanded equal to quantity supplied. B. quantity supplied greater than quantity demanded. C. demand equal to supply. D. quantity demanded greater than quantity supplied.
Nominal output is the _________ of goods and services, and real output is the _______ of goods and services .
A. dollar value; actual amount B. actual amount; dollar value C. actual amount; dollar value with inflation D. dollar value with inflation; dollar value