Federal revenue as a percentage of GDP dropped significantly in the early 2000 . because
a. of increased transfer payments due to the recession.
b. of decreased transfer payments due to the recession.
c. of tax-rate decreases passed by the Bush administration and Congress as well as recessionary impacts.
d. of tax-rate increases passed by the Bush administration and Congress as well a recessionary effects.
e. of tax-rate increases passed by the Bush administration .
C
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The quantity demanded of a good is:
A) the amount of a good that sellers are willing to supply at a given market price. B) determined independent of the market price. C) always determined by government intervention. D) the amount of a good that buyers are willing to purchase at a given market price.
Extractive economic institutions are:
A) likely to prevent entrepreneurs with new ideas from entering into the right line of business. B) likely to encourage entrepreneurs with new ideas from entering into the right line of business. C) found only in market economies. D) found only in command economies.
Assume you are holding Treasury securities and have sold futures to hedge against interest-rate risk. If interest rates rise
A) the increase in the value of the securities equals the decrease in the value of the futures contracts. B) the decrease in the value of the securities equals the increase in the value of the futures contracts. C) both the securities and the futures contracts decrease in value. D) both the securities and the futures contracts increase in value.
Wage elasticity of labor supply is a term referring to the
a. percentage change in wages demanded divided by the percentage change in wages supplied. b. percentage change in wages supplied divided by the percentage change in wages demanded. c. percentage change in wages divided by the percentage change in hours worked. d. percentage change in hours worked divided by the percentage change in wages.