A tax must be progressive if an individual with a higher income pays more dollars in taxes than an individual with a lower income
a. True
b. False
Indicate whether the statement is true or false
False
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The long-run and short-run Phillips curves intersect where
a. the quantity of goods and services demanded equals the quantity supplied. b. the quantity of labor demanded equals the quantity of labor supplied. c. expected inflation is less than actual inflation. d. expected inflation is greater than actual inflation. e. expected inflation equals actual inflation.
Several countries in the world have failed to "converge" with industrialized countries. What does this mean about their economic growth rates? Explain why poorer countries have failed to "catch up", in terms of the pillars of economic growth. Are there any special problems facing these countries?
A bank receives a demand deposit of $1,000 . The bank loans out $600 of this deposit and increases its excess reserves by $300 . What is the legal reserve requirement?
a. 10 percent b. 20 percent c. 30 percent d. 60 percent
The three largest categories of spending by the Federal government in order from first to third would be
a. income security, net interest, and national defense b. national defense, net interest, and income security c. income security, health, and national defense d. health, income security, and national defense