Sales taxes are
A) assessed on the prices paid on a large set of goods and services.
B) levied on purchases of a particular good or service.
C) based on each individual taxpayer's income level.
D) collected only by the U.S. government.
A
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In comparison to an economy with extractive institutions, an economy with inclusive institutions will be characterized by:
A) higher output and larger number of entrepreneurs. B) lower output and a higher number of entrepreneurs. C) higher output and smaller number of entrepreneurs. D) lower output and smaller number of entrepreneurs.
New Keynesian macroeconomic theory emphasizes the role of "sticky" prices in the economy
Indicate whether the statement is true or false
The division of labor refers to
A) the separation of blue-collared workers and white-collared workers. B) finding the best order of performing tasks. C) the separation of workers into union workers and non-union workers. D) the assignment of different workers to different tasks.
Refer to the figure. If the Federal funds market is at equilibrium at point B and the Federal Reserve decides to change the rate by a percentage point in order to reduce the chances of the economy going into recession, the supply of funds curve will have to shift to:
A. Sf1
B. Sf2
C. Sf3
D. Sf4