When the economy is in recession, personal income tax collections
a. fall along with consumption and real GDP
b. fall but consumption and real GDP rise
c. rise providing funds for rising unemployment insurance
d. rise but unemployment insurance payments fall so incomes remain unchanged
e. fall but saving and investment rise along with real GDP
A
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The Smoot-Hawley Act was enacted in
A) 1980. B) 2000. C) 1930. D) 2010.
Fractional reserve banking began as a search for
A. a different metallic monetary system. B. additional sources of gold. C. different types of borrowers. D. additional profits.
Fire protection and police protection may be provided more efficiently by the private sector than by the public sector.
Answer the following statement true (T) or false (F)
Related to the Economics in Practice on p. 36: In all societies, resources are limited relative to people's demands, and there are ________ trade-offs individuals face in rich countries versus poor countries.
A. virtually no differences in the types of B. large differences in the kinds of C. more important D. fewer