A shortage means that the quantity demanded is greater than the quantity supplied at the prevailing price
a. True
b. False
Indicate whether the statement is true or false
True
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Of the three primary tax sources of revenue for the U.S. federal government, which of the following has displayed no long-term trend as a percentage of GDP since 1962?
A) corporate income taxes B) social insurance taxes C) sales and excise taxes D) individual income taxes
Jacob is torn between two jobs, grounds keeper and street repair. He is indifferent between the two jobs even though the street repair job pays $25 more per hour. This must mean that
a. grounds keeper is a less attractive job b. grounds keeper enjoys a compensating wage differential of $25 c. the demand for street repairmen is greater d. street repair enjoys a compensating wage differential of $25 e. the demand for grounds keepers is greater
The prisoner's dilemma arises when people have an incentive to let others pay for the public good and then take advantage of those purchases made by others
a. True b. False Indicate whether the statement is true or false
The Fed’s tools of monetary policy are
A. government expenditures, interest rates, and taxation. B. open-market operations, lending to banks, reserve requirements, and paying interest on reserves. C. the money supply, government purchases, and taxation. D. none of these.