If a woman whose average tax rate were 25 percent had a taxable income of $40,000, how much tax would she pay?
What will be an ideal response?
$40,000 × .25 = $10,000
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Suppose that Ed's Fine Bottled Water supplies 35,000 quarts of bottled water each month when the price per quart is $0.80 . When the price of a quart increases to $1.20, supply is increased to 45,000 quarts each month. Calculate the absolute value of Ed's price elasticity of supply of water?
a. 0 b. 0.63 c. 1 d. 1.6
GDP is the sum of consumption, investment, government purchases, and:
A.) The factors of production. B.) Net exports. C.) Saving. D.) Capital stock.
If the government engages in contractionary fiscal policy a likely reason would be:
A. the economy is operating at a level that is just below full employment. B. they think the economy is not growing fast enough and they want to speed it up. C. they think the economy is growing too quickly and they want to slow it down. D. people are not spending enough money and they want to boost spending.
If the Fed lowers its target for the federal funds rate, this indicates that
A) the Fed is pursuing an expansionary monetary policy. B) the Fed is pursuing a contractionary monetary policy. C) the Fed is attempting to combat inflation. D) the Fed is concerned that the growth in aggregate demand will exceed potential GDP.