What has been the relationship over the past century between the U.S. economy's income and the percentage of that income that the government collects in revenues?
Both have increased over time, but the percentage of income that the government collects in revenues has increased more. For example, in 1902 the government collected 7 percent of total income; recently, that percentage has increased to about 30.
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A shortage tends to put ________ pressure on the price of the product, which ________ the quantity supplied
A) upward; increases B) upward; decreases C) downward; increases D) downward; decreases
The Coase theorem applies only in the case of _____
a. merit goods b. common resources c. inferior goods d. private goods
Which of the following regarding internal migration in the United States is not true?
A. Repeat and return migration are rational decisions and routinely occur. B. Migration is more common among educated workers compared to uneducated workers. C. Migration is more common among younger workers compared to older workers. D. Empirically the mystery is why there is not more internal migration, not why there is not less. E. Migration equalizes wages across regions.
Which of the following is the best example of money used as a medium of exchange?
A. Prices of products in a store in Mexico are marked in terms of U.S. dollars. B. A farmer stores $100 dollar bills in a strong box under the floor in a barn. C. A plumber unclogs a drain for a carpenter, who repairs broken steps for the plumber. D. In a prisoner of war camp cigarettes are traded for socks, candy and/or food, even by nonsmokers.