Refer to Table 5.1. Ranked highest to lowest in expected income, the majors are
A) economics, accounting, English, mathematics, political science.
B) mathematics, English, political science, accounting, economics.
C) economics, accounting, mathematics, English, political science.
D) English, economics, mathematics, accounting, political science.
E) accounting, English, mathematics, political science, economics.
C
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The deadweight loss of taxation from an income tax is because of _____
a. the inclusion of savings in the tax base b. the Laffer curve c. the income effect d. the substitution effect
If demand for personal computers increases as a result of an increase in income,
a. personal computers must be a normal good b. personal computers must be an inferior good c. personal computers must be a complement d. the substitutes for personal computers must be inferior goods e. the substitution effect is larger than the income effect
The Phillips curve reflects
a. the short-run tradeoff between inflation and unemployment b. short- and long-run tradeoffs between unemployment and inflation c. the long-run tradeoff between inflation and unemployment d. the income distribution effects of inflation e. short-run fluctuations in GDP
A freeze on wages and prices was introduced by President
A. Franklin Delano Roosevelt. B. Harry S. Truman. C. Dwight D. Eisenhower. D. John F. Kennedy.