The foreign exchange rate is the
a. current account
b. the law of comparative advantage
c. the capital account
d. the balance of trade
e. the price of one currency in terms of another
E
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One advantage of a negative income tax is _____
a. it minimizes the deadweight loss from taxation b. leisure becomes an inferior good c. it is identical to an in-kind payment in terms of utility d. it is easy to administer
Featherbedding is a union practice designed to increase employment of union members
a. True b. False
Suppose workers become pessimistic about their future employment, which causes them to save more and spend less. If the economy is on the intermediate range of the aggregate supply curve, then:
a. both real GDP and the price level will fall. b. real GDP will fall and the price level will rise. c. real GDP will rise and the price level will fall. d. real GDP and the price level will rise.
The top 1% of income earners in the U.S. (those with the highest taxable incomes) pay
A) about the same percentage of their incomes in taxes as the average U.S. taxpayer. B) a much lower percentage of their incomes in taxes than the average U.S. taxpayer. C) a much higher percentage of their incomes in taxes than the average U.S. taxpayer. D) about 15 percent of their incomes in income taxes E) a and d