The effective operation of the U.S. economic system depends upon
A) high profits.
B) low profits.
C) stable profits.
D) the expectation of profits.
D
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What would happen to the availability of credit if banks chose to either increase or decrease the percentage of deposits they hold as reserves?
What will be an ideal response?
According to the Phillips curve model, when expectations of inflation increase, the same level of unemployment will be associated with a higher rate of inflation.
Answer the following statement true (T) or false (F)
Which of the following is a major implication of the invisible hand concept?
a. Government-operated firms tend to have lower costs than private sector firms. b. When directed by competitive market prices, the actions of self-interested individuals will tend to promote overall economic prosperity. c. Prosperity cannot be achieved unless the selfish nature of people can be changed. d. Competition is harmful to the health of an economy because it results in wasteful duplication.
Social Security taxes are
A. progressive because all workers pay the tax. B. regressive because higher income workers don't pay the tax. C. proportional because everyone is charged the same percentage tax rate. D. regressive because higher income workers pay taxes on a smaller percentage of their income.