Which of the following taxes tend to make income distribution in the United States more equal?
a. sales (i.e., excise) taxes
b. personal income taxes
c. payroll taxes
d. All of the above are correct.
b
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A rise in the U.S. price level brings a ________ in the price of U.S. exports relative to imports that ________ exports of U.S. goods, bringing ________ in the quantity of U.S. real GDP demanded
A) fall; increases; an increase B) rise; decreases; a decrease C) fall; decreases; a decrease D) rise; increases; a decrease E) rise; increases; an increase
A payment that a person receives from the government for engaging in a particular activity is called a
A) bribe. B) subsidy. C) consumer surplus. D) tariff.
Comparative advantage means
A) the ability to produce a good or service at a lower opportunity cost than any other producer. B) the ability to produce a good or service at a higher opportunity cost than any other producer. C) compared to others you are better at producing a product. D) the ability to produce more of a product with the same amount of resources than any other producer.
Stabilization policy refers to attempts to
A) shift the AD curve to smooth short-run fluctuations in output. B) shift the SRAS curve to smooth short-run fluctuations in output. C) shift the AD curve to keep the price level as low as possible. D) shift the SRAS curve to keep the nominal interest rate as low as possible.