The recession of 2007-2009 would most likely be represented in a production possibilities frontier graph by
A) a point on the frontier.
B) a point inside the frontier.
C) a point outside the frontier.
D) an intercept on either the vertical or the horizontal axis.
B
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The study of the aggregate economic variables is
A) macroeconomics. B) microeconomics. C) positive economics. D) normative economics.
A "flat tax" on personal income, in which the same tax rate is applied to every dollar of income earned by each taxpayer, is an example of
A) a regressive tax. B) a proportional tax. C) a progressive tax. D) a value-added tax.
What percentage of the total government expenditures of the United States is undertaken at the federal level?
a. approximately 20 percent b. approximately 40 percent c. approximately 60 percent d. approximately 80 percent
One of the objectives of the health-care reform bills passed in March 2010 was to bring _____________ people into the pool of insured persons so that insurance policies would become ________________. However, provisions in the bill are likely to make the average cost of an insurance policy _____________ than it would have been without reform
A) fewer; cheaper; lower B) fewer; more expensive; lower C) more; cheaper; lower D) more; cheaper; higher E) none of the above