Two-thirds of sales tax revenues are collected by _____
a. the federal government
b. state governments
c. county governments
d. city governments
b
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If the GDP price index is rising over a period of time, then the real GDP in years ________.
A. after the base year will be higher than the nominal GDP B. after the base year will be rising faster than the nominal GDP C. prior to the base year will be less than the nominal GDP D. prior to the base year will be larger than the nominal GDP
A reason why it is difficult for developing countries to maintain a cartel is that
A) the elasticity of demand for a cartel's output decreases over time. B) producers in the cartel have an economic incentive to cheat. C) economic profits discourage other producers from entering the industry. D) producers in the cartel have the motivation to lower prices but not to raise prices. E) tariffs allow producers in the cartel to produce items that make no profit.
The Bretton Woods Agreement
A) fixed the value of the U.S. dollar relative to gold. B) fixed the value of the U.S. dollar relative to the euro. C) required foreign central banks to hold certain minimum amounts of gold as foreign exchange reserves. D) required member nations, other than the United States, to disband their central banks.
Eugene White's 1989 study did NOT find that:
a. an increased willingness on the part of New York banks to supply call loans caused the bull market. b. interest rates on call loans increased by roughly 50% from 1922 to 1929. c. credit was being pulled into the stock market by rising interest rates on call loans. d. White's study found all of these things to be true.