Our health care costs are about _____ percent of our GDP.
A. 5
B. 11
C. 17
D. 20
C. 17
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Progressive income taxes are designed to
A. make the distribution of income less equal. B. leave unchanged the distribution of income. C. let the market determine the distribution of income after taxes. D. make the distribution of income more equal.
Refer to Figure 3-4. If the current market price is $25, the market will achieve equilibrium by
A) a price decrease, decreasing the supply and increasing the demand. B) a price increase, increasing the quantity supplied and decreasing the quantity demanded. C) a price decrease, decreasing the quantity supplied and increasing the quantity demanded. D) a price increase, increasing the supply and decreasing the demand.
Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. To move the economy back to potential GDP, Congress should
A) lower government purchases by $200 billion. B) raise taxes by $200 billion. C) lower government purchases by an amount less than $200 billion. D) lower taxes by $200 billion. E) raise taxes by an amount more than $200 billion.
Economic growth generally leads to
A. intensified disinflation. B. higher rates of deflation. C. higher rates of inflation. D. higher living standards.