Which of the following best describes full employment?
(a) Less than 5% of the labour force is unemployed;
(b) The level of employment in the economy is sustainable;
(c) Employment and unemployment are at their "natural" rates;
(d) All of the above could describe it.
Answer: (a) Less than 5% of the labour force is unemployed;
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Refer to Figure 1-1. Using the information in the figure above, calculate the percentage change in sales of alcoholic beverages between 2013 and 2015
A) 23.8% B) 40% C) 42.9% D) 73.3%
U.S. taxpayers spend many hours during the year maintaining records for tax purposes and preparing their income tax returns. This administrative cost
A) is part of the deadweight loss of taxation. B) is larger for individuals in the lowest income quintile than for individuals in the highest income quintile. C) is equal to the value of consumer surplus associated with the income tax system. D) can be claimed as a deduction on income tax returns.
In 2010, personal consumption expenditures constituted ________ percent of nominal GDP
A) 70.6 B) 17 C) 18 D) -5.4
The U.S. income tax is based on the principle of
a. cost of service. b. benefit received. c. ability to pay. d. equality of sacrifice.