Income and revenue from taxes have a specific relationship during recessions. What is it?
A) incomes fall, tax revenue increases B) incomes rise, tax revenue decreases
C) incomes fall, tax revenue decreases D) incomes rise, tax revenue increases
C
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Amy can study for an hour or spend that hour sleeping or going out for dinner. If she decides to study for the hour, the opportunity cost of the hour spent studying is
A) sleeping or going out for dinner, whichever she would have preferred the most. B) definitely going to slee
Potential GDP is:
A) minimum amount of output that can be produced given the labor force, capital stock, and technology. B) maximum amount of output that can be produced given the labor force, capital stock, and technology. C) varies over the business cycle. D) none of the above.
Which of the following is an example of human capital?
A. The Internet B. The Google search engine on the Internet C. Your ability to use Google D. None of these is an example of human capital.
Which of the following transactions is not counted in? GDP?
A. The U.S. government pays for national defense B. A business buys new computers for its workers C. Consumer buys a new house D. Consumer mows his own lawn.