For most products, purchases tend to fall with decreases in buyers' incomes. Such products are known as:
A. Inferior goods
B. Direct goods
C. Average goods
D. Normal goods
Answer: D
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Which of the following applies to the "value of money"?
i. It is the inverse of the price level. ii. The value of money falls during economic expansions. iii. It is the quantity of goods and services that a unit of money will buy. A) iii only B) i and ii C) i, ii and iii D) ii and iii E) i and iii
When the U.S. government buys aircraft from BAe, a British corporation, it pays for them using
A) euros. B) pounds. C) dollars. D) foreign exchange rates.
The Earned Income Tax Credit was created in _____
a. 1970 b. 1975 c. 1982 d. 1991
The Social Security payroll tax is ________ on the employee, and ________ on the employer, on all earned income up to a cap, which is adjusted for inflation each year.
A. 0 percent; 15.3 percent B. 6.2 percent; 6.2 percent C. 7.65 percent; 7.65 percent D. 15.3 percent; 0 percent