Loopholes reduce the efficiency of the tax system.
Answer the following statement true (T) or false (F)
True
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The process of converting a future amount of money into its value today is called
A) trending. B) depreciation. C) discounting. D) compounding.
The least responsive to interest rate changes is the ____ demand for money.
A. transactions B. precautionary C. speculative
Which of the following never assumes, either implicitly or explicitly, independence between nominal and real variables?
A) the AS curve B) the Phillips curve C) Okun's law D) the classical dichotomy E) none of the above
Per capita GDP in the U.S. during the 20th century _____
a. has remained about the same b. increased until about 1970 and decreased since then c. was cyclical, but generally trending upward throughout the century d. was cyclical, but generally trending downward throughout the century