In 1950, the largest category of state and local revenue (as a percentage of GDP) came from _____
a. individual income taxes
b. sales and gross receipt taxes
c. property taxes
d. estate taxes
c
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Refer to Figure 15-15. In the figure above, suppose the economy in Year 1 is at point A and is expected in Year 2 to be at point B. Which of the following policies could the Federal Reserve use to move the economy to point C?
A) decrease income taxes B) sell Treasury bills C) decrease the required-reserve ratio D) buy Treasury bills
The due diligence process is
A) the process by which a firm chooses an investment bank. B) when an investment bank researches a firm's value. C) how an investment bank underwrites large issues. D) the review of a prospectus by the SEC.
Which of the following goods is likely to have the least elastic demand over the relevant range of prices?
a. insulin b. eggs c. milk d. Pepsi Cola e. gasoline
Starting from short-run equilibrium, the following occurs: personal income taxes rise and foreign real national income rises. What is the effect on the price level and Real GDP in the short run?
A) The price level rises and Real GDP falls. B) The price level falls and Real GDP falls. C) The price level rises and Real GDP rises. D) The price level falls and Real GDP rises. E) There is not enough information to answer this question.