From 1929 to 1993, the first four years of the Great Depression, U.S. output dropped by more than
a. 10 percent
b. 80 percent
c. 5 percent
d. 50 percent
e. 25 percent
E
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One of the key income tax topics debated during the 2008 Presidential election was whether the
A. 1986 tax increases should be repealed in 2011. B. Iraqi oil revenues should be taxed by the U.S. to provide care for disabled Iraqi War veterans. C. 2003 tax cuts should be allowed to expire in 2011. D. national sales tax should be abolished and replaced with a single income tax rate of 21%.
A good is an inferior good if the consumer buys more of it when
a. his income rises. b. the price of the good falls. c. the price of a substitute good rises. d. his income falls.
Which type of tax is used to finance the Social Security program in the United States?
a. consumption tax b. income tax c. payroll tax d. property tax
Which of the following summarizes the feedback loop discussed in the video?
A. As the money supply increased, real GDP decreased, which caused the money supply to increase even faster, and so on. B. As the money supply increased, prices rose, which caused the money supply to increase even faster, and so on. C. As prices rose faster, the government had to print even more money, which caused prices to rise even faster, and so on. D. As prices rose faster, real GDP increased, which caused prices to rise even faster, and so on.