The Sherman Act of 1890
A) established the corporate income tax.
B) prohibited price-setting agreements among sellers.
C) required employers to bargain collectively with labor unions.
D) set maximum prices railroads could charge interstate shippers.
E) set minimum prices railroads could charge without being guilty of unfair trade practices.
B
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Use the Slutsky equation to show that a Giffen good must be an inferior good, BUT an inferior good need not be a Giffen good
What will be an ideal response?
Define the following terms and explain their importance to the study of macroeconomics:
a. structural budget deficit b. monetize the deficit c. crowding out d. inflation accounting e. mix of fiscal and monetary policy
Comparing total taxes as a percentage of GDP in the United States to Western European countries, such as the France, Norway, and Sweden,
A. U.S. taxation is smaller. B. U.S. taxation is about the same. C. U.S. taxation is slightly larger. D. U.S. taxation is substantially larger.
It is generally true that elected officials find it easier to:
A. raise taxes and cut government spending. B. cut government spending. C. cut taxes. D. raise both taxes and government spending.