In 2011, the top 25 percent of income earners in the U.S. (by the size of their taxable incomes) paid about __________ percent of the total federal income taxes
A) 25
B) 30
C) 54
D) 65
E) 86
E
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According to the law of supply,
a. more of a good is desired by consumers as the price falls. b. less of a good is desired by consumers as the price rises. c. more of a good will be offered by suppliers as the price rises. d. less of a good will be offered by suppliers as the price rises.
If one Mexican peso was worth 0.05 U.S. dollar, then one U.S. dollar would be worth:
a. 0.05 Mexican pesos. b. 0.05 U.S. dollars. c. 20 U.S. dollars. d. 20 Mexican pesos. e. 5 Mexican pesos.
Is it possible for the economy to be at full employment and still have some people who are unemployed?
A) No, full employment means that no one is unemployed. B) Yes, since full employment exists if the economy is operating at the natural unemployment rate and there is always some natural unemployment. C) Yes, since full employment exists if the economy is operating at the frictional unemployment rate and there is always some frictional unemployment. D) Yes, since full employment equals the sum of the cyclical unemployment rate and the natural unemployment rate, and there is always some cyclical unemployment. E) none of the above
An economy experiences economic growth whenever
A. Long-run real GDP rises. B. The unemployment rate falls. C. Nominal GDP rises. D. Base-year GDP rises.