Most economists believe that it is impossible for government programs that benefit the rich to also benefit the poor.
Answer the following statement true (T) or false (F)
False
Many economists believe that some of the benefits spill over to the poor.
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Money is a medium of exchange in that
A) money is generally accepted for buying and selling goods and services. B) currency may be exchanged for gold at any national bank. C) other assets may be better or worse in facilitating exchange than money. D) it must maintain most of its value over time.
Under a fixed exchange rate system, an expansionary fiscal policy is
A) more effective in an open economy than in a closed economy. B) less effective in an open economy than in a closed economy. C) equally effective in an open economy and in a closed economy. D) marginally effective in an open economy and completely ineffective in a closed economy.
An increase in the wage rate will cause
a. increased employment b. a leftward shift in the labor supply curve c. an upward movement along the labor supply curve d. a rightward shift of the labor supply curve e. a leftward shift of the labor demand curve
In 2009, the lowest quintile of income earners paid about
a. 1 percent of income as taxes and paid less than 1 percent of all taxes. b. 5 percent of income as taxes and paid less than 1 percent of all taxes. c. 1 percent of income as taxes and paid about 5 percent of all taxes. d. 5 percent of income as taxes and paid about 5 percent of all taxes.