Local government expenditures depend on which taxes?
A. Social Security taxes
B. revenues from licenses and permits
C. capital gains taxes
D. local property, sales, and excise taxes
Answer: D
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If the required reserve ratio is equal to 10 percent, a single bank can increase its loans up to a maximum amount equal to
A) its excess reserves. B) 10 times its excess reserves. C) 10 percent of its excess reserves. D) its total reserves.
The field of political economy applies the methods of
a. psychology to study how the economy works. b. political science to study how the economy works c. economics to study how government works. d. psychology to study how government works.
According to Friedman and Phelps, policymakers face a tradeoff between inflation and unemployment
a. only in the long run. b. only in the short run. c. in neither the long run nor short run. d. in both the short run and long run.
If a monopoly wishes to sell more output, it must:
A. lower the price. B. find a more cost effective way to produce its goods. C. be in the economies of scale range of its ATC. D. eliminate its existing competition.