A person behaving rationally will:
a. never make mistakes
b. make decisions that are random and chaotic.
c. have others determine whether their decisions are rational.
d. try to weigh the expected marginal benefits and marginal costs of their decision.
d
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If real GDP is greater than potential GDP, then to restore equilibrium, ________ and the price level ________
A) the aggregate supply curve shifts rightward; falls B) the aggregate demand curve shifts leftward; rises C) the aggregate supply curve shifts leftward; rises D) the aggregate demand curve shifts rightward; falls E) potential GDP increases; falls
The leakage and injections approach implies that a government deficit is financed by
A) private saving less private investment plus net exports. B) private investment less private saving plus net exports. C) the trade deficit must always offset the government deficit. D) None of the above.
The payroll tax is a
a. progressive tax. b. neutral tax. c. regressive tax. d. proportional tax.
The corporate income tax is
a. an indirect tax. b. a regressive tax. c. the second largest source of revenue for the federal government. d. a direct tax.