During the 1980s, the top marginal tax rate on personal income was reduced from 70 percent to less than 40 percent and it has remained below 40 percent since that time. In recent years, the share of the personal income tax collected from the top one-half of one percent of earners has
a. fallen sharply from the level of years prior to 1981.
b. increased sharply during the Clinton administration, but declined substantially during the administration of George W. Bush.
c. been virtually unchanged from the level of years prior to 1981.
d. increased substantially from the level of years prior to 1981.
D
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Which of the following is likely to happen if the quantity of bank reserves held at the Fed increases?
A) The stock of money in the economy increases. B) The number of loans issued by banks decrease. C) Bank deposits decrease. D) The real interest rate increases.
Which of the following statements concerning the slope and price elasticity of demand along a straight-line demand curve is correct?
a. Slope measures the change in quantity resulting from a one-dollar change in price. b. Elasticity measures the percent change in price resulting from a one-percent change in quantity demanded. c. Slope measures the dollar change in price for a one-unit change in quantity demanded. d. Elasticity measures the unit change in quantity demanded resulting from a one-dollar change in price. e. Slope measures the percent change in price resulting from a one-percent change in quantity demanded.