Which of the following is not a Central Bank:
(a) The European Central Bank.
(b) Bank of England.
(c) Bank of America.
(d) Federal Reserve.
Answer: (c) Bank of America.
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In order to bring GDP and national income into accord,
a. add indirect business taxes to national income and we have GDP b. add depreciation of capital and indirect business taxes to GDP and we have national income c. subtract depreciation of capital from GDP and we have national income d. subtract depreciation of capital and proprietor's income from GDP and we have national income e. subtract depreciation of capital and indirect business taxes from GDP and we have national income
A profit-maximizing competitive firm will hire workers up to the point at which the wage equals the price of the final good multiplied by the marginal product of the last worker hired
a. True b. False Indicate whether the statement is true or false
A rising exchange rate raises U.S. living standards by:
A. discouraging imports. B. encouraging exports. C. helping to hold down inflation. D. causing a balance of trade surplus.
Mr. Smith earns $1,000,000 and pays $100,000 in taxes. Mr. Jones earns $150,000 and pays $17,500 in taxes. The tax they pay would be considered
A. progressive. B. proportional. C. regressive.