If real salaries increase but nominal salaries do not, this means that
A) the purchasing power of money has decreased. B) prices have risen.
C) prices have not changed. D) prices have fallen.
D
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The Federal Reserve System functions as America’s
A. tax collector. B. stock and bond market. C. savings bank. D. central bank.
The allocations of goods and services from one group in a society to another are called:
a. mutually voluntary exchanges. b. in-kind transfers. c. grants. d. economic rents. e. transfer earnings.
Which of the following is the study of economic policy recommendations?
a. positive economics b. law and economics c. microeconomics d. development economics e. normative economics
When taxation is proportional, the tax rate an individual pays:
A. remains constant as the individual's income increases. B. falls as the individual's income increases. C. increases as the individual's income increases. D. varies as the individual's income changes.