During the last 20 years, what has happened to the marginal tax rates imposed on high-income taxpayers and the personal income tax revenues collected from them?
a. Both the rates imposed and the revenues collected from the rich have increased.
b. Both the rates imposed and the revenues collected from the rich have declined.
c. The tax rates imposed on the rich have declined, but the revenues collected from them have increased.
d. The tax rates imposed on the rich have increased, but the revenues collected from them have declined.
C
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The economy is in a recessionary gap, wages are inflexible downward, and there is complete crowding out. Which of the following is consistent with this state of affairs?
A) The economy will soon self-regulate and produce Natural Real GDP. B) Expansionary fiscal policy will be effective at removing the economy from the recessionary gap. C) If expansionary fiscal policy is implemented, the AD curve will shift to the right, and eventually the price level and Real GDP will rise. D) b and c E) none of the above
We currently run a negative trade balance in ______ and a ______ trade balance in services.
Fill in the blank(s) with the appropriate word(s).