The base period is the time period used for comparative analysis for the calculation of real GDP.
Answer the following statement true (T) or false (F)
True
We can use the base period to express GDP in constant dollars.
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A regressive income tax is defined as a tax for which
A) total taxes paid increase with the level of income. B) total taxes paid are independent of the level of income. C) the average tax rate increases with the level of income. D) the average tax rate decreases with the level of income.
Which of following is an example of a homogeneous product?
A) Gasoline B) Copper C) Personal computers D) Winter parkas E) both A and B
If 4% of employed workers lose their jobs each period while 76% of the unemployed find work, then the natural rate of unemployment is
a) 4% b) 5% c) about 3% d) 20% e) 19%
The main effect of Hurricane Katrina in September 2005 on the United States market for gasoline was to
a. cause an increase in demand and price as people topped off the gas tanks and fled New Orleans b. increase supply as the price rose and production shifted to newly discovered oil fields c. decrease the supply and demand simultaneously leaving price unchanged d. increase the demand and price as people purchased gasoline in advance of anticipated price increases e. decrease supply and cause the price to rise from $2 per gallon to over $3 per gallon