Income taxes paid by corporations are
A) the major source of revenue for the federal government.
B) the major source of revenue for state governments.
C) the major source of revenue for local governments.
D) about 9 percent of the federal government's revenue.
E) the major source of expenditure by the federal government.
D
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Gross domestic product can be calculated
A) either by valuing the nation's output of goods and services or by valuing the income generated in the production process. B) by adding up the personal consumption of all members of the society. C) by adding up the value of all intermediate goods used in the economy. D) by adding up the income tax returns of all members of the society.
The demand for money curve is drawn with
A) the interest rate on the vertical axis and the curve sloping down. B) the interest rate on the vertical axis and the curve sloping up. C) nominal Gross Domestic Product (GDP) on the vertical axis and the curve sloping up. D) nominal Gross Domestic Product (GDP) on the horizontal axis and the curve sloping down.
If Q = K2L2 the MPK is
a. constant b. diminishing c. increasing
An indifference curve shows
a) different combinations of income and prices at which an individual can afford equal quantities of two goods b) different combination of goods that all cost the same c) different quantities of current and future consumption that are consistent with the intertemporal budget constraint d) different combinations of goods that yield the same level of satisfaction e) different levels of satisfaction that can be obtained from a given budget constraint