Empirical evidence across numerous countries indicates that changes in the ________ are associated with nearly equiproportional changes in ________
A) money supply, real GDP per year
B) money supply, price level
C) price level, money supply
D) real GDP per year, income velocity of money
B
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Aggregate output is ________ related to autonomous consumer expenditure, and is ________ related to the level of taxes
A) negatively; negatively B) negatively; positively C) positively; negatively D) positively; positively
If the relative price of a concert ticket is three times the price of a meal at a good restaurant, then the opportunity cost of a concert ticket can be measured by the
a. slope of the budget constraint. b. slope of an indifference curve. c. marginal rate of substitution. d. income effect.
Gramp's Potato Chips produces 2560 bags of potato chips a day. Each employee at Gramp's works 8 hours. If the company's productivity is 20 bags per hour, how many people does Gramp's employ?
a. 8 b. 16 c. 24 d. None of the above is correct.
If a person were given the choice of a $500 credit or a $2500 deduction,
A. he would take the deduction if he were in the 25% tax bracket, the credit if he were in the 15% tax bracket. B. he would take the deduction if he were in the 15% tax bracket, the credit if he were in the 25% tax bracket. C. he would take the deduction every time. D. he would take the credit every time.