The largest source of revenue for the federal government comes from
A) corporate income taxes
B) estate and gift taxes
C) individual income taxes
D) Social Security and Medicare taxes (FICA)
Ans: C) individual income taxes
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Adjusted for risk, interest rate parity
A) holds only for larger countries. B) holds only between the U.S. and Canada. C) holds only when purchasing parity holds. D) always holds.
Pure public goods
a. are goods that are provided by the government b. are economically efficient c. are economically inefficient d. are both nonrival and nonexcludable e. are Pareto optimal
If firms seek an average markup of 25% over labor costs and workers demand real hourly wages equal to $10 – 100u where u is the unemployment rate, then the equilibrium rate of unemployment will be
a) 4.6% b) 8% c) 9.2% d) 10% e) 25%
Refer to Table 9-5. The required reserve ratio is 10%. What is the amount of Bolton Bank's excess reserves?
A) $30 million B) $70 million C) $100 million D) zero