Which of the following would, by itself, reveal the most about a country's standard of living?
a. its level of capital
b. the number of hours worked
c. its availability of natural resources
d. its productivity
d
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If a number equal to the mean of a series of observations is added to the series, the new mean is:
A) smaller than the original mean. B) greater than the original mean. C) same as the original mean. D) either greater or smaller than the original mean depending on the number of observations in the series.
A U.S. presidential candidate promises to redistribute income and encourage economic growth. Why might these goals be in conflict? a. The poor, on average, save more than the rich. Taxing the incomes of the rich to transfer to the poor will result in an increase in total savings. b. Taxing the incomes of the rich to transfer to the poor will result in the rich saving more
c. Taxing the incomes of the rich to transfer to the poor will provide disincentives for work and capital accumulation. d. Taxing the incomes of the rich to transfer to the poor will provide incentives for the rich to work more to make up for income lost to taxes.
Deadweight losses arise because a tax causes some individuals to change their behavior
a. True b. False Indicate whether the statement is true or false
One timing problem in using fiscal policy to counter a recession is the "recognition lag" that occurs between the
A. time the need for the fiscal action is recognized and the time that the action is taken. B. start of a predicted recession and the actual start of the recession. C. start of the recession and the time it takes to recognize that the recession has started. D. time fiscal action is taken and the time that the action has its effect on the economy.