Which of the following contributed to the sharp increase in Federal tax revenues between 1995 and 2001?
A) an increase in income tax rates
B) a sustained economic expansion
C) increased income inequality
D) all of the above
D
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The circular flow of income assumes that
A) the national income accounting approach is not an adequate way to measure the economy's performance. B) profit is not a cost of production. C) goods and services flow in one direction and money payments flow in the other. D) total income is the sum of the value of intermediate goods and final goods and services.
Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the instant runoff method. With this method, each voter ranks the towns in order of preference, from first to fourth
The town with the fewest first-place votes will be eliminated, and anyone who voted for that town will have their first-place vote transferred to the town they liked next best. This process continues until only one town is left, and that town will be declared the winner. With this method, the first town to be eliminated is A) Desert Sands. B) Glacier Cove. C) Mountain View. D) Oceanside.
Interest is most fundamentally a measure of
A) the cost of money. B) the scarcity of money. C) the greater subjective value of present over future goods. D) all of the above. E) none of the above.
Economists view free trade as a way to raise living standards both at home and abroad
a. True b. False Indicate whether the statement is true or false