“Those most able should pay the highest taxes” reflects the
A. ability-to-pay principle.
B. concept of horizontal equity.
C. idea of fiscal federalism.
D. benefits principle.
Answer: A
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Growth of real GDP per person is totally determined by the growth of average:
A. labor force participation and the share of income going to capital. B. labor force participation and the share of the population employed. C. labor productivity and the proportion of the population employed. D. labor productivity and the proportion of the population in the labor force.
Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, eight million dollars on deposit with the Federal Reserve, and nine million dollars in excess reserves
Given this information, we can say First National Bank has ________ million dollars in required reserves. A) one B) two C) eight D) ten
There is some evidence that demographic changes in the composition of the workforce are ________ the growth rate of labor quality, and thus ________ the growth rate of output per labor hour
A) raising, decreasing B) raising, increasing C) lowering, decreasing D) lowering, increasing
Within the framework of the AD/AS model, if a long-run equilibrium is present in the goods and services market,
a. decision makers will have accurately forecast the current price level when they arrived at resource price and loanable funds agreements. b. the profit rates of the firms will generally exceed the competitive level. c. the actual rate of unemployment will fall below the natural rate of unemployment. d. the current rate of output will be sustainable in the future. e. both a and d are correct.