Which of the following is not an automatic stabilizer?
a. Personal income tax revenue.
b. Corporate income tax revenue.
c. Unemployment compensation benefits.
d. Property tax revenue.
d
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According to New Keynesian theory, fluctuations in the target interest rate are not a good explanation of the business cycle because the model predicts that
A) consumption is constant. B) labor is countercyclical. C) average labor productivity is countercyclical. D) output is countercyclical.
Suppose that the federal government suddenly declared that wheat was to be used as money. What is a possible outcome of that decision?
A. The value of the "wheat dollar" would be unstable depending on crop yields from year to year. B. Farmers would replace corn and soy crops with wheat. C. Wheat would function as money so long as people accept it in exchange for goods and services. D. All of these are possible outcomes.