Federal tax loopholes in personal income tax provide benefits only to very high-income people
a. True
b. False
Indicate whether the statement is true or false
False
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All points on the firm's expansion path
a. give the firm the maximum possible profit. b. minimize the firm's cost of producing some level of output. c. have the same long-run average cost. d. make the marginal product of labor equal to the marginal product of capital.
Refer to Table 3-3. The table contains information about the sorghum market. Use the table to answer the following questions
a. What are the equilibrium price and quantity of sorghum? b. Suppose the prevailing price is $6 per bushel. Is there a shortage or a surplus in the market? c. What is the quantity of the shortage or surplus? d. How many bushels will be sold if the market price is $6 per bushel? e. If the market price is $6 per bushel, what must happen to restore equilibrium in the market? f. At what price will suppliers be able to sell 36,000 bushels of sorghum? g. Suppose the market price is $14 per bushel. Is there a shortage or a surplus in the market? h. What is the quantity of the shortage or surplus? i. How many bushels will be sold if the market price is $14 per bushel? j. If the market price is $14 per bushel, what must happen to restore equilibrium in the market?
Each regional Federal Reserve Bank is owned by
A) the member banks in its district. B) the Federal Deposit Insurance Corporation. C) those who purchase its stock on the open market. D) the taxpayers in its district.
In the long run, large and continuing budget surpluses
a. mean higher taxes and a lower standard of living b. mean a larger money supply and higher interest rates c. are a problem because they crowd out private spending d. permit the government to lower taxes, thereby encouraging work, investment, and saving e. mean a larger money supply and lower interest rates