Which of the following groups of people would most likely pay a higher percentage of their wages on excise tax?
a. doctors earning $400,000 per year
b. engineers earning $95,000 per year
c. teachers earning $55,000 per year
d. cashiers earning $25,000 per year
d. cashiers earning $25,000 per year
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Use the following table with data for a private open economy (no government) to answer the next question.All figures are in billions of dollars. Real GDPC + INet Exports$400$420$20450460205005002055054020600580206506202070066020If net exports increased by $10 billion at each level of GDP, the equilibrium real GDP would be
A. not determinable using this table. B. $610. C. $700. D. $650.
Which of the following best describes scarce resources?
A) Resources that most people cannot afford to buy B) Resources that can only be distributed efficiently by the government C) Resources for which the quantity demanded is the same for all economic agents D) Resources for which the quantity that people want exceeds the quantity that is freely available
The duration of an expansion is measured from:
A. trough to trough. B. peak to peak. C. peak to trough. D. trough to peak.
If the quantity of tacos is measured along the horizontal axis and the quantity of movies is measured along the vertical axis, and the price of a taco is $2.00 while the price of a movie is $12, then the slope of the budget line is
A. -1/3. B. -1/6. C. -6. D. -3.5