Market economies are not constrained by scarcity; only planned economies have that problem
a. True
b. False
Indicate whether the statement is true or false
False
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Hyperinflation refers to a period of extremely erratic inflation rates
a. True b. False Indicate whether the statement is true or false
The correct measure of the deficit is also called
A) the cyclically-adjusted deficit. B) the structural deficit. C) the full-employment deficit. D) the inflation-adjusted deficit. E) all of the above
Suppose the tax rate on the first $10,000 of income is 0 percent; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $20,000; and 40 percent on income over $60,000. Family A has an income of $55,000
What is the tax liability of Family A? A) $16,500 B) $6,600 C) $7,500 D) $3,400
If real GDP declines for at least one-half year, the economy is experiencing a:
a. depression. b. decline. c. recession. d. growth recession. e. deflation.