The Laffer curve is a relationship based on the presumption of an indirect relationship between government tax rates and gross domestic product (GDP)
Indicate whether the statement is true or false
T
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_________ is a thinking and information-gathering process involving a series of decisions
a. Planning b. Acting c. Sequencing d. Brainstorming
If free international trade opens up and a country has a comparative disadvantage in sugar production, we should expect
a. greater sugar consumption in that country b. higher sugar prices in that country c. greater sugar production in that country d. lower sugar prices in sugar-exporting countries e. greater sugar consumption in sugar-exporting countries
The vertical long-run Phillips curve
a. indicates the permanent unemployment rate b. indicates the unemployment rate at the optimal level of GDP c. is only one of several vertical curves that together are called interest rate targets d. indicates the economy's natural rate of unemployment e. is more socially desirable than a horizontal Phillips curve would be
An example of featherbedding is
A) advertising that encourages consumers to buy union-made goods. B) union requirements that forbid the use of certain laborsaving equipment. C) lobbying Congress to get higher tariffs. D) the requirement that all construction workers who work on a government-financed project receive the union wage rate regardless if they are in the union or not.