Which one of the following is not an excise tax of the federal government?
A. Gasoline tax
B. General sales tax
C. Tobacco tax
D. Alcoholic beverage tax
Answer: B
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The above figure represents the average total cost curves of a wheat farmer
a. Which average total cost curve has the lowest average total cost of producing 30,000 bushels of wheat? b. Over what range of output is the farmer experiencing economies of scale? c. Over what range of output is the farmer experiencing diseconomies of scale? d. Which average total cost curve has the lowest possible average cost of production? e. Which average total cost curve represents the largest plant?
The interest rate effect shows that if the price level increases
A) consumers and businesses will increase their spending to buy the same amount of goods as before to make up for the higher interest rates. B) consumers and businesses will decrease their spending as the interest rate increases, thereby pushing up the cost of acquiring funds. C) U.S. exports and imports will both decrease. D) the real value of financial assets will increase.
The reason why self-correction works to close a recessionary gap is because: a. a labor shortage causes wages to increase. b. a labor surplus causes wages to increase. c. a labor shortage causes wages to fall
d. a labor surplus causes wages to fall. e. a labor surplus causes price to fall.
Which of the following best explains why equilibrium income will rise by more than $100 in response to a $100 increase in government spending?
A) incomes will rise resulting in a tax decrease B) incomes will rise resulting in higher consumption C) The increased spending raises the aggregate price level D) The increased spending increases the money supply, lowering interest rates E) The higher budget deficit reduces investment