If the tax multiplier is -1.5 and a $200 billion tax increase is implemented, what is the change in GDP, holding everything else constant? (Assume the price level stays constant.)

When the top marginal tax rates were lowered substantially during the 1980s, the inflation-adjusted income tax revenue collected from the top 1 percent of all income earners

a. declined sharply. b. remained approximately constant. c. increased substantially. d. did none of the above.

Economics is best defined as the study of:

A. supply and demand. B. how people make choices in the face of scarcity and the implications of those choices for society as a whole. C. the financial concerns of businesses and individuals. D. inflation, interest rates and the stock market.