Of the following, the largest source of revenue for the federal government is the
A) personal income tax.
B) transfers from state and local governments.
C) corporation income tax.
D) lottery.
E) revenue from the sale of public lands.
A
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In consumer equilibrium, one dollar's worth of additional gasoline will yield the same marginal utility as one dollar's worth of additional cheese
a. True b. False Indicate whether the statement is true or false
According to the theory of adaptive expectations, if the inflation rate has been 4.2 percent for the last ten years, people will expect next year's inflation rate to be:
a. 4.2 percent. b. higher than 4.2 percent. c. lower than 4.2 percent. d. 0; that is, they will expect no inflation. e. 8.4 percent.
Which of the following statements is true?
a. Nominal GDP = (price index ? real GDP) ? 100 b. Nominal GDP = (real GDP ? price index) ? 100 c. Real GDP = (price index ? nominal GDP) ? 100 d. Real GDP = (nominal GDP ? price index) ? 100 e. Price index = (real GDP ? nominal GDP) ? 100
Speculators who expect a corn harvest next fall much larger than anyone now anticipates will
A) lower current corn prices and raise September prices above what they would be in the absence of the speculators. B) lower current corn prices and lower September prices below what they would be in the absence of the speculators. C) raise current corn prices and lower September prices below what they would be in the absence of the speculators. D) raise current corn prices and raise September prices above what they would be in the absence of the speculators. E) raise the expected September price of corn.