The payroll tax system is a proportional tax for all income earners
a. True
b. False
Indicate whether the statement is true or false
False
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A speculative attack:
A. can occur with any currency. B. can occur to currencies with floating exchange rates. C. can occur to currencies with fixed exchange rates. D. are illegal and no longer occur.
Since a monopolistically competitive firm faces a ____ demand curve, it will always operate ____ in long-run equilibrium
a. perfectly elastic; with excess capacity b. downward-sloping; with excess capacity c. downward-sloping; at an economically efficient scale d. perfectly inelastic; at an economically efficient scale
Key assumptions behind the quantity theory of money include:
A. the change in nominal GDP is zero. B. the money supply is fixed. C. the percentage change in the price level equals the percentage change in real GDP. D. the velocity of money is constant.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.