State and local taxes seem as a group to be mildly ________ and federal taxes seem as a group to be mildly ________.
A. progressive; progressive
B. progressive; regressive
C. regressive; regressive
D. regressive; progressive
Answer: D
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A(n) ____ is characterized by a relatively small number of firms producing a product
a. monopoly b. syndicate c. cooperative d. oligopoly e. none of the above
Which statement is true of the market supply curve?
A. It is the horizontal summation of the upward sloping portion of the AVC function of all firms in the industry. B. One must know the marginal cost information of firms in order to construct a supply function. C. It is the vertical summation of all the individual supply curves. D. In perfect competition the slope of the curve is horizontal.
Economy A: gross investment equals depreciation Economy B: depreciation exceeds gross investment Economy C: gross investment exceeds depreciation Other things equal, the information suggests that the production capacity in economy:
A. B is growing more rapidly than that in either economy A or C. B. A is growing more rapidly than that in either economy B or C. C. A is growing less rapidly than that in economy B. D. C is growing more rapidly than that in economy B.
If actual reserves in the banking system are $50,000, excess reserves are $5,000, and checkable deposits are $225,000, then the monetary multiplier is:
A. 10. B. 4. C. 5. D. 2.