In the early 1980s, which of the following countries had a marginal tax rate of about 80 percent?
a. United States
b. Canada
c. Japan
d. Sweden
d
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Which of the following is a true statement about the length of recessions and expansions in the United States economy?
A) After 1950, the length of expansions were much less than the length of recessions. B) After 1950, the length of expansions were brief and almost nonexistent. C) After 1950, the length of expansions were much longer than the length of recessions. D) After 1950, the length of expansions equaled the length of recessions.
Which of the following is true when there is a recessionary gap?
a. Real output exceeds the natural level of real output b. Unemployment exceeds the natural rate of unemployment. c. Employment exceeds full employment. d. All of the above are true when there is a recessionary gap.
Microeconomics is primarily the study of how
A. people choose among alternatives. B. the stock market works. C. the economy functions as a whole. D. businesses can make money.