The average tax rate is
a. the ratio of additional taxes to an additional dollar of income.
b. the ratio of taxes to income.
c. the ratio of taxes to GDP.
d. the ratio of income to direct taxes.
b
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
To be unemployed is to be
A) without a job, but actively looking for a job. B) without any source of income. C) without an identity. D) all of the above.
The most important participants in foreign exchange markets are ________
Fill in the blank(s) with correct word
Which of the following will most likely happen when a person's income increases, other things equal?
a. The budget line will shift outward b. The budget line will become steeper c. The budget line will become flatter d. The indifference curves will shift outward e. The indifference curves will shift downward