The natural right to life, liberty and pursuit of happiness is an idea of:
a. Hayek
b. Schumpeter
c. Marx
d. Lange
e. Locke
E
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Suppose the federal budget deficit for the year was $100 billion and the economy was in a recession
If the economy had been at potential GDP, it is estimated that tax revenues would have been $60 billion higher and government spending on transfer payments $50 billion lower. Using these estimates, the cyclically adjusted budget A) deficit was $210 billion. B) deficit was $110 billion. C) surplus was $110 billion. D) surplus was $10 billion.
Poor people, who receive income assistance from the government, often do not work because
a. they face very high implicit marginal tax rates. b. they are usually not physically able to work. c. they have no desire for additional money. d. the government forces them to stay at home and take care of their children.
If the reserve ratio is 4 percent, then the money multiplier is
a. 24. b. 25. c. 26. d. 4.
Taxes on sales of liquor, tobacco, and tires are examples of
A. direct taxes. B. excise taxes. C. progressive taxation. D. loopholes.