The gross estate is
A. very disgusting.
B. all property owned by decedent at time of death.
C. general property that is held in a trust.
D. being phased out of current tax law.
B. all property owned by decedent at time of death.
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The demand for luxury suites at basketball games is more elastic if
A) these suites are a necessity. B) these suites are a luxury item. C) few close substitutes exist for these suites. D) basketball fans have little time to look for alternative suites. E) poorer fans cannot afford luxury suites.
Normative economic analysis _____
a. is concerned only with the facts b. is a statement about the relationship between a policy change an outcome c. judges the desirability of a policy change d. does not involve value judgments
Inefficient outcomes can arise in markets for public goods because:
A) too much of an exclusive good is produced. B) too little of an exclusive good is produced. C) too much of a nonexclusive good is produced. D) too little of a nonexclusive good is produced.
Monetarists and classical economists think very much alike, certainly when compared to Keynesians. For example, they both assume that the
a. velocity of money is constant b. changes in money supply changes GDP c. economy operates at full employment d. price level is constant e. interest rate has no impact on investment