Only realized capital gains are included in taxable income.
A. True
B. False
C. Uncertain
A. True
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In the real world, we don't observe countries completely specializing in the production of goods for which they have a comparative advantage. One reasons for this is
A) some countries have more resources than other countries. B) production of most goods involves increasing opportunity costs. C) tastes for many traded goods are similar in many countries because of globalization. D) comparative advantage works better in theory than in practice.
In the New Keynesian model, the stabilization effects of fiscal and monetary policy are different because
A) the effects on the composition of output are different. B) monetary policy does not work in a liquidity trap, but fiscal policy does. C) monetary policy affects spending on goods indirectly; fiscal policy affects spending directly. D) all of the above.
What are the main differences between cash transfer payments and payments in-kind? Excluding paternalistic justifications, is one generally preferable to the other? Why or why not?
What will be an ideal response?
The decrease in the price of gasoline to a national average of less than $3.20 during the summer of 2012 was most likely a result of
A) an increase in demand due to reduced summer driving. B) an increase in supply resulting from higher refinery output. C) an increase in demand due to increase in summer driving along with a decrease in supply resulting from reduced refinery output. D) an increase in supply resulting from higher refinery output along with a decrease in demand in summer driving.