The age-earning cycle usually begins
A) at relatively high income levels.
B) at relatively low income levels.
C) once a worker reaches 25 years of age.
D) only when a worker is employed full time.
B
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Property taxes are not very popular. People might dislike other taxes just as much, but feel powerless to change them. If the assessed value of the property does not rise or, in fact, declines, then this should be followed by decreases in tax rates. This, however, is not welcomed by property owners, either. Why?
What will be an ideal response?
If the revenues and expenditures of the Social Security trust fund were not included when calculating the budget deficit, the recalculated deficit would
a. be larger. b. be smaller. c. be unchanged. d. actually be a surplus.
Samia has decided that with the two hours in between classes she can do one of 3 things. She has ranked her choices, from highest to lowest as, (1 ) chat with her friends, (2 ) study economics or (3 ) take a nap. The opportunity cost of chatting with her
friends is A) the combined value of studying economics and taking a nap. B) the value of studying economics, the next best use of time. C) the value of chatting with her friends. D) zero since she does not pay her friends to talk to her.