Items subtracted from tax liability are called _____
a. tax credits
b. tax deductions
c. tax exemptions
d. tax exclusions
a
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In a 2-firm oligopoly, if you can choose to either be a simultaneous move Cournot competitor or a Stackelberg leader, you will always choose to be a Stackelberg leader.
Answer the following statement true (T) or false (F)
In designing a tax system, policymakers have two objectives that are often conflicting. They are
a. maximizing revenue and minimizing costs to taxpayers. b. efficiency and minimizing costs to taxpayers. c. efficiency and equity. d. maximizing revenue and reducing the national debt.
An increase in the demand for steel occurs. As a result, firms in the steel industry will
A. experience no change in their demand for capital. B. decrease their demand for capital. C. decrease both output and their demand for capital. D. increase their demand for capital.
Because a change in consumer spending is positively related to a change in income, the slope of the aggregate demand function is:
a. 0. b. 1. c. equal to the MPC. d. equal to the marginal propensity to save.