The effects of tax incentive programs such as IRAs and 401(k) accounts suggest that these government programs designed to increase saving lead to ________ in the private capital stock
A) virtually no change
B) a slight decrease
C) a slight increase
D) a significant increase
D
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If one worker can pick $30 worth of grapes and two workers together can pick $50 worth of grapes, the
A. marginal revenue product of each worker is $25. B. marginal revenue product of the second worker is $20. C. marginal revenue product of the first worker is $20. D. data given does not permit the determination of the marginal revenue product of either worker.
When cost-push inflation starts, real GDP ________ and the unemployment rate ________
A) decreases; falls B) does not change; falls C) decreases; rises D) does not change; does not change E) increases; falls
An excise tax is a tax that is levied on
A) the value of a piece of property. B) the purchase of a given good or service. C) the value of an estate. D) that part of a person's income coming from interest payments.
When economists look at the percentage change in quantity demanded generated by a change in income, they are looking at:
a. price elasticity of demand. b. income elasticity of demand. c. price elasticity of supply. d. cross elasticity of demand. e. cross elasticity of supply.