A significant portion of the increase in state tax revenues from 1950 to 1970 was because _____
a. of high inflation
b. of increased economic growth due to the Korean conflict
c. many states adopted new tax bases they had previously not taxed
d. increased property tax rates
c
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The Japanese demand curve for dollars is downward-sloping because a:
a. higher number of yen per dollar means U.S. goods are cheaper in Japan. b. lower number of yen per dollar means U.S. goods are cheaper in Japan. c. lower number of yen per dollar means U.S. goods are more expensive in Japan. d. lower number of yen per dollar means U.S. goods are less expensive in the U.S.
The cross-price elasticity of garlic salt and onion salt is -2, which indicates that garlic salt and onion salt are substitutes
a. True b. False Indicate whether the statement is true or false
Inflation:
A. redistributes income from those who can raise prices to those who cannot. B. can obscure relative price changes. C. can undermine faith in the monetary system, the economy, and the government if it is high enough. D. makes society poorer on average.
In the equation of exchange, velocity of money increases when
A. Y increases without any changes in P and M. B. Y falls without any changes in P. C. M increases without any changes in P and Y. D. P falls without any changes in Y and M.