An ad valorem sales tax can be thought of as
A) a proportional tax.
B) not part of the tax base.
C) a progressive tax.
D) none of the above.
Answer: A
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The banking system can lend the sum of its excess reserves because
A. The money multiplier is less than 1. B. Banks are required to keep only a fraction of deposits on reserve. C. Required reserves are a leakage from the banking system. D. Bank assets are greater than bank liabilities.
So long as the actual market price exceeds the equilibrium market price, there will be
A. excess demand. B. a shortage. C. upward pressure on the price. D. downward pressure on the price.
The new Keynesian sticky-price theory indicates that an increase in aggregate demand generates
A. rapid increases in both real Gross Domestic Product (GDP) and the price level. B. sluggish increases in both real Gross Domestic Product (GDP) and the price level. C. a speedy rise in the price level but a sluggish increase in real Gross Domestic Product (GDP). D. a speedy rise in real Gross Domestic Product (GDP) but a sluggish increase in the price level.
Economists Fryer and Loury argued that affirmative action
A. necessarily undermines minorities' incentive to invest in their own education. B. "color-blind" proxies for race easily achieve diversity without reference to race itself. C. has actually reduced the graduation and bar passage rates of African-American law students. D. is the reason so many white males are passed over for promotion in favor of minorities.