A perfectly inelastic supply curve can be shown graphically as a _____.
Fill in the blank(s) with the appropriate word(s).
vertical line
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Which of the following is a positive economic statement?
a. reducing unemployment should be the highest priority of the federal government. b. a reduction in the payroll tax will reduce the unemployment rate. c. corporations should be prohibited from laying off workers during a recession. d. the current unemployment rate is too high.
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.
The Federal Reserve is responsible for monetary policy in the United States.
Answer the following statement true (T) or false (F)
A World View titled "Export Ratios" examines the openness of trade for several countries based on the trade to GDP ratio. Of the countries listed below, which exports the least (as measured as a percentage of GDP)?
A. United States. B. Canada. C. United Arab Emirates. D. Belgium.