The income distribution has become more unequal in the United States over the last 30 years.
Answer the following statement true (T) or false (F)
True
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Mpc + mps =
A) 0. B) 0.5. C) 1. D) 100.
If the absolute value of the tax elasticity of supply is 0.5, a tax increase of 10 percent will
A. Decrease output by 5 percent and increase tax revenues. B. Increase output by 5 percent and decrease tax revenues. C. Increase output by 20 percent and decrease tax revenues. D. Decrease output by 5 percent and decrease tax revenues.
If the marginal propensity to consume (MPC) is 0.75, what is the value of the multiplier?
A. 3.0 B. 1.0 C. 2.0 D. 4.0
The successor organization to GATT that handles trade disputes among its member nations is the
A. North American Free Trade Agreement. B. European Union. C. General Agreement on Tariffs and Trade. D. World Trade Organization.