When a tax is justified on the basis that the taxpayers who pay the tax receive specific government services from payment of the tax, the tax
a. is considered horizontally equitable.
b. burden is minimized.
c. satisfies the benefits principle.
d. is considered vertically equitable.
c
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A devaluation of a currency means that the exchange rate (price of that currency) has changed to a lower fixed rate
a. True b. False
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Every time a new bank loan is made, M1 and M2 increase, demand deposits increase, and bank assets increase
a. true b. false
Which of the following federal agencies is engaged in social regulation?
A. the Securities and Exchange Commission B. Office of the Comptroller of the Currency C. Federal Deposit Insurance Corporation D. Equal Employment Opportunity Commission