Which economist(s) argued that high tax rates produce less tax revenues and limit the expansion of real GDP and employment?
a. Robert Lucas and Thomas Sargent
b. A. W. Phillips
c. Robert Barro
d. Paul Samuelson
e. Arthur LafferF
e
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An outward shift of the production possibilities curve represents
A) economic contraction. B) economic growth. C) economic recession. D) economic inflation.
Which of the following is not characteristic of perfect competition?
a. many buyers and sellers b. brand name advertising c. standardized products d. fully informed buyers and sellers e. free entry and exit of firms
In response to the global recession of 2008 and 2009, governments around the world
A. Reduced public works spending. B. Expanded public works spending and income transfer programs. C. Expanded income transfer programs but reduced public spending programs. D. Reduced income transfer programs.
The excess burden of a tax is $5,000 and the tax revenue from this tax is $20,000. The total burden of this tax is
A. $4,000. B. $5,000. C. $15,000. D. $25,000.