In which of the decades below was the deficit as a percentage of GDP the largest?
A. The 1950s
B. The 1970s
C. The 1960s
D. The 1980s
Answer: D
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Dynamic tax analysis generally predicts
A) that the higher the tax rate is, the higher the tax revenue will continue to be into the future. B) that the higher tax rates lead to higher revenues only to a point at which revenues will begin to decrease due to a diminishing tax base. C) that lower tax rates will always and continuously lead to increased tax revenues. D) that lower tax rates are always going to lead to decreased tax revenues.
Which of the following would not be classified as a capital expenditure for decision-making purposes?
a. purchase of a building b. investment in a new milling machine c. purchase of 90-day Treasury Bills d. investment in a management training program e. all of the above are capital expenditures
Which of the following industries is least likely to exhibit the characteristic of free entry?
a. ethnic restaurants b. municipal water and sewer c. corn farming d. grocery stores
The equilibrium quantity is
A. always less than the equilibrium price. B. an amount lower than producers want to sell. C. an amount higher than consumers want to buy. D. the amount exchanged at the equilibrium price.