Which of the following provides the bulk of revenue for the federal government?
a. corporate income taxes and grants from state and local governments
b. personal income and payroll taxes
c. user charges and funds borrowed from the general public
d. corporate income and sales taxes
B
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All else equal, an increase in population decreases potential GDP
Indicate whether the statement is true or false
A bank creates money
A) never since it only lends out money it owns. B) when it makes loans. C) when it prints bank notes. D) when it pays out reserves.
Refer to Figure 14.2. Other things equal, technological innovation would best be represented by a movement from
A) point A to point B. B) point B to point A. C) point C to point B. D) point B to point C.
If a competitive firm’s short-run average cost curve lies above the price of the product, we can conclude that the firm
A. is earning a huge profit. B. is incurring losses. C. is earning zero economic profits. D. is earning a normal profit.