The sales tax is the most important source of _____ government revenue.
A. federal
B. state
C. local
B. state
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In the "cost of capital channel" of monetary policy, a lower interest rate __________ spending
A) raises consumption B) raises investment C) lowers consumption D) lowers investment
The main advantage that ACE models have over other models is that:
A. they primarily use deductive methods. B. they eliminate the importance of mathematics. C. economists do not have to "solve" the model on their own. D. they look only at single equilibrium outcomes.
The aggregate-demand curve
a) has a slope that is explained in the same way as the slope of the demand curve for a particular product.
b) is vertical in the long run.
c) shows an inverse relation between the price level and the quantity of all goods and services demanded.
d) All of the above are correct.
For each pound of salami that Hungary produces, it gives up the opportunity to make 10 bottles of beer. Slovakia gives up the opportunity to produce of 1 pound of salami for every 8 bottles of beer it produces. Which of the following is true about the
comparative advantage between the two countries? A) Hungary has the comparative advantage in salami. B) Hungary has the comparative advantage in beer. C) Slovakia has the comparative advantage in salami and beer. D) Slovakia has the comparative advantage in beer.