Comparing total taxes as a percentage of GDP in the United States to Western European countries, such as the France, Norway, and Sweden,
A. U.S. taxation is smaller.
B. U.S. taxation is about the same.
C. U.S. taxation is slightly larger.
D. U.S. taxation is substantially larger.
Answer: A
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If demand increases in a perfectly competitive market, then in the short run supply will:
A. increase. B. decrease. C. not change. D. either increase or decrease.
The amount of price inflation that the economy experiences eventually depends on the size of the spending multiplier.
Answer the following statement true (T) or false (F)
If Utopia has a closed economy, the price of tile is $________ per case, and if it has an open economy the price of tile is $________ per case.
A. 15; 10 B. 15; 20 C. 30; 15 D. 20; 15
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced. B. an unattainable production point. C. what society wants. D. the economy's optimal production point.