For about the last 45 years, federal taxes have remained relatively constant as a percentage of GDP
a. True
b. False
Indicate whether the statement is true or false
True
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A firm can sell as many units of its output as it wants for $10 a piece. The current market wage rate for its workers is $20 per hour. It follows that the firm will hire workers up to the point where the last worker hired produces how much per hour?
a. one unit. b. two units. c. one-half a unit. d. 200 units.
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Which of the following is a correct description of the supply curve?
i. The supply curve is also the marginal cost curve. ii. The supply curve shows the dollars' worth of other goods that we must sacrifice to produce another unit of a good. iii. The supply curve shows the additional cost of producing another unit of a good. A) i only B) i and ii C) ii and iii D) i, ii, and iii E) ii only
Since the 1980s, the United States has been the dominant net lender in the world.
Answer the following statement true (T) or false (F)