The U.S. economy experienced fluctuations in employment and output over the last half of the twentieth century. However, the length of the average recession has been about the same as the length of the average expansion
a. True
b. False
B
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Refer to the above figure. Line ABCD is a(n)
A) discretionary-policy curve. B) Phillips curve. C) natural rate of unemployment curve. D) aggregate demand curve.
Comparing the United States economy in the 1920s with the economy in the 1990s, all of the following were similar EXCEPT
A. both decades had strong economic expansion. B. both decades had soaring stock markets. C. both decades had rapid technological progress. D. both decades had the federal government take a laissez-faire approach to the economy.
Which of the following statements is false?
A. At this time, there is not clear consensus on what the best tax base is. B. The double taxation of saving tends to increase the saving rate because people have to save more to keep the after-tax yield constant. C. An income tax taxes savings twice only if consumption is the measure used to gauge a person's ability to pay. D. Proponents of income as a tax base argue that you should not be taxed on what you draw out of the common pot, but rather on the basis of your ability to draw from the pot.
A family of four with one wage earner who earns the minimum hourly wage would be
A. well below the poverty line. B. slightly below the poverty line. C. slightly above the poverty line. D. well above the poverty line.