In 2010, the top 1 percent of all taxpayers in the United States paid what percent of the federal income tax?
A. 23.2 percent.
B. 37.4 percent.
C. 39.6 percent.
D. 59.1 percent.
Answer: B
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Cartels tend to break down unless they can obtain government assistance because cartel members will typically try to
A) charge higher prices than the prices agreed upon. B) include sunk costs in their prices. C) lower their costs below the agreed-upon levels. D) sell more than their quotas. E) do all of the above.
In an open economy, an increase in net exports because of increased demand for domestic products by foreigners should cause the domestic real interest rate to ________ and should cause desired saving minus desired investment to ________
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
If the money supply in the economy were at MS2, to engage in contractionary policy the Federal Reserve Bank would use open market operation to move money supply to:
A. MS4 B. it would stay at MS2 C. MS3 D. MS1
The case for ________ is based on the theory of comparative advantage.
A. export subsidies B. free trade C. quotas D. tariffs