The United States economy is
A. the third largest in the world.
B. larger than all other national economies combined.
C. the second largest in the world, behind Japan.
D. the largest in the world.
Answer: D
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"A firm should continue to hire more workers as long as wages are low." Do you agree or disagree? Why?
What will be an ideal response?
A highly charitable person, such as Mother Theresa, will be influenced by
A) changes in costs, but not benefits. B) both changes in benefits and costs. C) changes in benefits, but not costs. D) neither changes in benefits nor costs.
Okun's Law has
A. proven to be correct over time in that as GDP increases by 3%, there has been a 1 percentage point decline in unemployment. B. not turned out to be a law-the relationship between changes in GDP and the unemployment rate is more complex than Okun's Law indicates. C. been proven false, because there is a positive relationship between changes in GDP and the unemployment rate. D. been proven to be completely incorrect-there isn't a negative relationship between GDP and the unemployment rate.
The incidence of taxation refers to:
A. Who in society actually pays the tax B. The structure of basic income tax rates C. Whether taxes are progressive or regressive D. Whether or not the benefits-received principle applies