Use the above figure. Which graph depicts a normal good?
A) A
B) B
C) C
D) D
A
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Write a brief history of the federal income tax in the United States. Your description should reference dates and constitutional/political issues, if any
What will be an ideal response?
If the foreign exchange rate for 1 Hungarian forint is 0.5 cent, then
A) a dinner priced at 400 forints will cost $20. B) a wine that sells for 600 forints will cost $3,000. C) a Big Mac hamburger priced at 50 forints will cost $1. D) a hotel room renting for 40,000 forints will cost $200.
A person setting up automatic deductions through her employer so a portion of her pay goes into a "Christmas account" is an example of:
A. status quo bias. B. the endowment effect. C. positive framing. D. a commitment device.
Discuss the major differences between classical and Keynesian economists. Be sure to explain how they differ with regard to how quickly equilibrium is restored in the economy as well as what role they see for government action in restoring equilibrium.
What will be an ideal response?