Which of the following is generally considered the most regressive type of tax?
a. gift tax
b. federal income tax
c. excise tax
d. payroll tax
c
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If persistent inflation was due to declines in long-run aggregate supply, what pattern would be observed?
A) Only prices of services would increase; prices of goods would remain constant. B) Increases in the price level would occur simultaneously with increases in real GDP. C) Increases in the price level would occur simultaneously with decreases in real GDP. D) Only prices of goods would increase; prices of services would remain constant.
Assume Bryce's budget constraint is represented by line B in the graph shown. Which of the following would cause Bryce's budget constraint to shift to A?
A. The price of books increased.
B. The price of books decreased.
C. The price of movie tickets increased.
D. The price of movie tickets decreased.
According to the quantity theory of money, a decision on the part of all business firms currently paying employees on a monthly basis to begin paying on a weekly basis would be expected to
a. increase velocity and increase nominal GDP. b. increase velocity and decrease nominal GDP. c. decrease velocity and increase nominal GDP. d. decrease velocity and decrease nominal GDP.
Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower