Flat tax critics
A. Object to the elimination of tax deductions and credits.
B. Believe it would reduce vertical inequities.
C. Object to the government control over the mix of output that it would cause.
D. Believe it would reduce horizontal inequities.
Answer: A
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In the long run, the interest rate is determined in the money market
a. True b. False
All of the following are components of the Federal Reserve system except the:
A. Federal Deposit Insurance Corporation. B. 12 regional Federal Reserve banks. C. Federal Open Market Committee. D. Board of Governors.
The significant increases in oil prices during the late 2000s was an example of
A. an aggregate supply shock that reduced the price level and increased the rate of growth of real Gross Domestic Product (GDP). B. an aggregate demand shock that increased the price level and increased the rate of growth of real Gross Domestic Product (GDP). C. an aggregate supply shock that increased the price level and reduced the rate of growth of real Gross Domestic Product (GDP). D. an aggregate demand shock that reduced the price level and reduced the rate of growth of real Gross Domestic Product (GDP).
As new firms enter an increasing-cost industry
A. the position of the LRAC curve doesn't change, but firms move up their LRAC curve. B. the LRAC curve shifts down. C. the LRAC curve shifts up. D. the position of the LRAC curve doesn't change, but firms move down their LRAC curve.