Inflation was a major problem in the United States during the:
A. 1950s.
B. 1970s.
C. 1960s.
D. 2000s.
Answer: B
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A study by the Congressional Budget Office (CBO) regarding the corporate income tax included the following statement: "A corporation may write its check to the Internal Revenue Service for payment of the corporate income tax, but the money must come
from somewhere..." The comments that followed this statement argued that A) corporations pass on some of the burden of the tax to investors in the company, to workers, and to consumers. B) it is necessary to retain the tax because it is based on the ability-to-pay principle. C) the corporate income tax is a reliable source of revenue because corporations cannot avoid paying the tax. D) the tax is more progressive than the individual income tax.
The difference between short-run and long-run cost is that in the long run,
a. there are shortages of labor that can restrict output b. only labor can be changed to increase or decrease production c. fixed factors of production have already been chosen d. there are no diseconomies of scale e. all factors of production are variable
Russia chose a slow approach to creating a private economy and China chose a fast approach
Indicate whether the statement is true or false
A measure of the responsiveness of demand to changes in income, all other things being constant, is
A. cross price elasticity of demand. B. price elasticity of demand. C. income elasticity of demand. D. price income elasticity of demand.