How are corporate profits taxed in the United States?
A) Earnings are taxed first by state sales taxes and then as corporate profits at the Federal level.
B) Corporate profits are not taxed at all.
C) Earnings are taxed first as personal income then as corporate profits at the Federal level.
D) Earnings are taxed first as corporate profits then as personal income after dividends are paid.
D
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
What is the key feature shared by all oligopoly markets?
a. A large number of sellers. b. Mutual interdependence. c. Product differentiation. d. Easy entry and exit.
A key result of the equilibrium aggregate expenditure model is that it:
A. can explain why the economy should always be at natural rate GDP. B. illustrates how the government always moves us towards equilibrium GDP. C. can illustrate how an economy can be at an equilibrium that is below natural rate GDP. D. shows how classical notion that the economy will always tend towards natural rate GDP is correct.
Direct controls that impose equal percentage reductions in emissions on all firms in the area
a. impose the same costs on all firms. b. minimize the cost of pollution reduction. c. penalize firms that have already incurred some costs to reduce pollution. d. are the fairest way to distribute the burden