In 1980, the top 1 percent of earners paid 19.1 percent of the federal personal income tax. By 2010, the share of this tax collected from the top 1 percent of earners
a. had declined to less than 15 percent.
b. was still slightly less than 20 percent.
c. had risen to approximately 25 percent.
d. had risen to over 35 percent.
D
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Normally, the Federal Deposit Insurance Corporation would shut down a bank when:
A) assets of the bank equal the liabilities of the bank. B) assets of the bank exceed the liabilities of the bank. C) liabilities of the bank exceed the assets of the bank. D) stockholders' equity is greater than zero.
Legal ceilings on the rate of interest charged to individuals
A) guarantee credit is allocated according to need rather than ability to pay. B) make it easier for people with poor credit ratings to obtain loans. C) reduce the probability corporations will obtain scarce credit by bidding funds away from consumers. D) accomplish all of the above. E) accomplish none of the above.
Figure 4.3 illustrates the demand for tacos. Assume that tacos and beer are complements. An increase in the price of beer would bring about a movement from
A) point a to point b. B) point c to point b. C) D2 to D1. D) D0 to D2.
Demand is price inelastic if a relatively ________ price increase leads to a relatively ________ in the quantity demanded
A) large; small increase B) small; large decrease C) large; small decrease D) small; large increase