The level of output when there is full employment is called actual GDP
Indicate whether the statement is true or false
FALSE
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Are lump-sum taxes regressive or progressive? Is the deadweight loss of taxation the same for different types of taxes?
What will be an ideal response?
The agency that was created to protect depositors after the banking failures of 1930-1933 is the
A) Federal Reserve System. B) Federal Deposit Insurance Corporation. C) Treasury Department. D) Office of the Comptroller of the Currency.
If a firm has determined its optimal output level, where MR = MC, then price
A. is unchanged. B. is set by statistical analysis of the market. C. is equal to MC. D. is determined by the market demand at that output.
When the absolute price elasticity of demand equals 1, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.