Which of the following gave the U.S. federal government the power to tax income?
A. The Full Employment and Balanced Growth Act of 1978.
B. The capital gains tax of the Bush administration.
C. The Sixteenth Amendment to the Constitution.
D. The Social Security Act.
Answer: C
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A change in the amount saved due to a change in income is represented by a
A. shift of the entire saving schedule. B. movement along the saving schedule. C. change in the marginal propensity to consume. D. change in the marginal propensity to save.
The figure above shows the cost, marginal revenue, and demand curves of Golden Chow, a producer of dog food. The market for dog food is monopolistic competition. In the short run, Golden Chow sells 400 cans of dog food per day and makes ________
Other firms have ________ incentive to enter the industry. A) an economic profit of $200 a day; an B) an economic profit of $400 a day; an C) a normal profit of $200 a day; no D) an economic profit of $400 a day; no
The following factors tend to make the real GDP growth rate understate the growth of economic well-being, except:
A. Improved product quality B. Added leisure C. Debasement of the environment D. More stress-free lifestyle
The keys to Botswana's rate of economic growth are not shared by the other countries in the region. The most important contributing factor to Botswana's recent growth is
A. discovery of oil reserves B. massive government investment in heavy industries and infrastructure of the country C. government policies that protect private property rights, freedom of press and democracy, and avoid political instability and corruption D. government policies that promote export to the developed countries