During 1960-1980, those with the highest incomes confronted federal marginal tax rates between 70 and 90 percent. Since 1986, the highest federal income tax rate has been less than 40 percent. Since 1986, the share of the personal income tax collected from the top one-half of one percent of earners has been
What will be an ideal response?
higher than during the 1960s and 1970s.
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Which of the following statements is likely to be true according to Okun's Law?
A) The unemployment rate remains constant when the growth rate of real GDP is 0%. B) The unemployment rate remains constant when the growth rate of real GDP is 3%. C) The unemployment rate increases when the growth rate of real GDP is above 3%. D) The unemployment rate declines when the growth rate of real GDP is below 3%.
The Bretton Woods system fixed all exchange rates in terms of the U.S. dollar
a. True b. False
Which of the following subsidies is prohibited under World Trade Organization (WTO) rules?
A. Subsidies to assist firms in meeting environmental regulations B. Subsidies to encourage firms in a developed country to export more C. Subsidies to assist disadvantaged regions within the exporting country D. Subsidies to research and development
If average labour productivity increases, real GDP per person:
A. increases B. decreases C. remains constant D. may increase or decrease, depending on the change in the share of population employed