Not all state and local taxes are deductible at the federal level
a. True b. False
b
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A country has a current account surplus if
A) the value of its exports exceeds the value of its imports, assuming net income from foreign assets and net unilateral transfers have a value of zero. B) the value of its net exports of services exceeds the value of its net exports of goods. C) it receives more income from foreign assets than it pays to foreigners for foreign-owned domestic assets. D) its capital inflows exceed its capital outflows.
If the value of bank's loans declines, what is the corresponding reduction in a liability entry that the bank makes?
A) Deposits are reduced by the amount of the decline in the value of the loan. B) Borrowings are reduced by the amount of the decline in the value of the loan. C) Net worth is reduced by the amount of the decline in the value of the loan. D) Cash items in the process of collection are reduced by the amount of the decline in the value of the loan.
One of the distinguishing differences between periods of low inflation and periods of high inflation is that
a. low inflation periods are short-lived. b. high inflation periods are short-lived. c. high inflation periods are long-lived. d. low inflation leads to high inflation.
Assuming velocity is constant, the rate of inflation equals the difference between the rate of:
A. growth in the money supply and the rate of growth in nominal GDP. B. growth in the money supply and the rate of growth in real GDP. C. growth in real wages and the rate of growth in real GDP. D. unemployment and the rate of economic growth.