Limits on the quantity of a foreign good that can be imported into the domestic market are
A. import capacity limits.
B. import quotas.
C. tariffs.
D. export quotas.
B. import quotas.
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If the government decreases its purchases of goods and services by $12,000 and the MPS is 0.5, GDP and income will eventually decrease by
A) $2,400. B) $6,000. C) $24,000. D) $60,000.
The combined Social Security tax rate was _____ up to incomes of _____
a. 15.3 percent; $87,000 b. 14.2 percent; $91,000 c. 11.7 percent; $83,500 d. 12.8 percent; $88,000
Suppose a constitutional amendment is passed that mandates a balanced federal budget every year and the President and Congress consistently carry this mandate out. This would be an example of
A) active policy making. B) decisive policy making. C) nondiscretionary policy making. D) cooperative policy making.
The primary goal of economic activities is to:
A. equalize the distribution of consumer income and wealth. B. expand the production of goods and services. C. make the most efficient use of scarce productive resources. D. reallocate resources from consumption to production in the economy.