The marginal tax rate is the total tax paid divided by the amount of taxable income
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following commodity bundles represents two goods that are perfect substitutes?
a. Ink and fountain pens b. Diesel and diesel cars c. Butter and margarine d. Webcams and computers
The "naïve" Keynesian model is unrealistic because it
A. Does not take into account probable changes in the price level as the economy approaches full employment. B. Assumes that AS is upward sloping when it is more probably horizontal. C. Assumes that the price level decreases as AD increases. D. Does not account for changes in output due to the multiplier.
Which one of the following would count as investment in the national income accounts?
What will be an ideal response?
How did economist Abba Lerner use the analogy of a car on a highway to depict his view of macroeconomic stability? How did economist Milton Friedman modify this depiction?
What will be an ideal response?