Based on the table for the federal tax burden, which earners pay more than 20% of their income in federal taxes?
a. the bottom 20%
b. all but the bottom 20%
c. the third 20%
d. the highest 20%
d. the highest 20%
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If the current period has a CPI of 143, then the amount of inflation since the base period is
A) 143 percent. B) 157 percent. C) 57 percent. D) 43 percent. E) unknown without knowing the base period's CPI.
When interest rates are free from central bank manipulation, and fall due to an increase in household savings, this
A) provides an incentive for government to create a budget surplus. B) sends a "green light" signal for businesses to increase investment. C) has little impact on the macroeconomy. D) creates a "cluster of errors" and an inevitable recession.
National output and national income are essentially the same because
A) every purchase implies a sale. B) every cost implies a benefit. C) every profit implies a loss. D) every gain implies a sacrifice.
The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains should have been higher. The Secretary's statement is a (n) ____ economic statement, and the labor head's statement is a (n) ____ economic statement
a. normative; normative b. normative; positive c. positive; normative d. positive; positive e. proper; improper