The primary source of revenue for the federal government of the United States are taxes tied to ________
A) property values
B) rents and dividends
C) export and import flows
D) income
D
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If the economy is at full employment, then the inflation rate
A) is less than the expected inflation rate. B) is equal to zero. C) can be anywhere on a short-run Phillips curve. D) is equal to the expected inflation rate. E) exceeds the expected inflation rate.
Explain the law of one price and the theory of purchasing power parity. Why doesn't purchasing power parity explain all exchange rate movements in the short run? What factors determine long-run exchange rates?
What will be an ideal response?
Refer to Figure 10.3. A negative demand shock with no change in the real interest rate is best represented by ________ in panel (a) and ________ in panel (b)
A) a shift from AE3 to AE2; a shift from IS2 to IS1 B) a shift from AE2 to AE3; a shift from IS1 to IS2 C) a shift from AE2 to AE1; a movement from point B to point A D) a shift from AE3 to AE1; a movement from point C to point A
In short-run equilibrium, the perfectly competitive firm of Figure 9-3 will produce
a.
zero units of output
b.
200 units of output
c.
275 units of output
d.
475 units of output
e.
575 units of output