In the above table, which plan is a flat-rate tax?
A) only plan A
B) only plan B
C) only plan C
D) both plan A and plan C
A
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An insight into business cycles is gained by the fact that
A) changes in real GDP result in changes in autonomous expenditures. B) at a peak, a decrease in autonomous expenditure leads to a decrease in induced expenditure. C) autonomous expenditure does not change at either a peak or a trough. D) at a peak, autonomous expenditure increases, thereby leading to a recession. E) at a trough, induced expenditure decreases, thereby leading to an expansion.
In an economy with a fixed exchange rate, an increased demand for foreign goods would increase the supply of local currency, and the government would have to buy:
A. foreign currency in the foreign exchange market to prevent the domestic currency from depreciating. B. local currency in the foreign-exchange market to prevent the currency from depreciating. C. local currency in the foreign-exchange market to prevent the currency from appreciating. D. foreign currency in the foreign exchange market to prevent the domestic currency from appreciating.
What is an arrangement between countries to allow free trade between members called?
a. economic union b. common market c. trade forum d. free trade agreement
Cost-of-living adjustments are:
A. automatic wage changes based on the CPI which are included in some union contracts. B. changes in the basket of goods used in calculating the CPI. C. averages of neighboring years' base prices used in constructing the CPI. D. quality measurements included in the calculation of the CPI.