Suppose the government imposes a tax of 20 percent on the first $50,000 of income and 30 percent on all income above $50,000 . What is the average tax rate when income is $60,000?

By itself, an increase in exports

A) increases GDP. B) decreases GDP. C) means imports decrease by the same amount. D) can either increase or decrease GDP, depending on whether the exports are durable or nondurable.

In 2008, the Treasury and Federal Reserve took several actions in response to the deepening financial crisis. One action was the Treasury's move to have the federal government take control of

A) JPMorgan Chase. B) Fannie Mae and Freddie Mac. C) the Federal Deposit Insurance Corporation (FDIC). D) Lehman Brothers.