Whose school of thought was prominent from the 30's to the 70's
Keynesian
100
Social Security is financed, in part, by______?
payroll taxes
100
The general category of taxes that include unit taxes, sales taxes, and customs duties, is known as a(n)
excise taxes
100
Public goods are not free. If we need a fighter aircraft, we are obliged to give up something else that could have been provided with the resources used to make the aircraft. The opportunity cost of providing aircraft can be represented by the
production possibilities curve
100
Education, public libraries, and museums are examples of
merit goods
200
A new idea was introduced in macroeconomic analysis during the early 1970s to describe the unusual combination of high inflation and high rates of unemployment. It was
stagflation
200
Which economist argued that high tax rates can produce less tax revenues?
Laffer
200
Which one(s) of the public debt forms is (are) marketable?
Treasury notes, bills and bonds
200
The form of public debt that matures in 3, 6, or 12 months is
Treasury Bill
200
When the consumption of one good does not preclude another person from consuming the same good, then there is __________ in the consumption of the good.
nonrivalry
300
is defined as the lowest level of unemployment that can be sustained without putting inflationary pressures on the economy
natural rate of unemployment
300
The form of public debt that matures in 2 to 10 years is the
Treasury Note
300
If Dusty earns $160,000 and his tax is 32,000 and Maggie earns $100,000 and her tax is 20,000 and Chris earns 80,000 and his tax is 16,000 then what type of tax structure is this?
proportional
300
Public goods are
nonexclusive and nonrival goods
300
If a water-slide park opens to the public in your neighborhood and an admission fee is charged, then the park is what type of good?
private good
400
True or False: According to supply-side economists, lowering corporate income taxes stimulates investment and spurs on economic growth
True
400
A tax levied on the value of physical assets such as land, or financial assets such as corporate stocks and bonds, is known as a(n)
property tax
400
Government spending that redistributes income from taxpayers to other groups in the society is
transfer payment
400
The primary purpose of GATT is to
foster trade among nations
400
Reciprocity between two countries implies that
you do unto others as they do unto you
500
If Luz is taxed $110 on an income of $1,100, Jesse is taxed $220 on an income of $2,000, and Tristian is taxed $390 on an income of $3,000, the tax system is
progressive
500
Which economist first identified an inverse relationship between rates of inflation and rates of unemployment?
Phillips
500
True or False: The basic difference between government spending on public goods and government transfer payments is that spending on public goods reallocates resources between the public and private sectors, while spending on transfer payments does not
true
500
Which groups agree that the government can take steps to reduce both the unemployment rate and the inflation rate (although they disagree on what those steps ought to be)?
Keynesians and supply-siders
500
What are the arguments for trade barriers?
national security, infant industries, cheap labor, antidumping