Which of the following was one of the main rules in the 1990 "Budget Enforcement Act"?
A) flat tax rate
B) PAYGO rule
C) indexation of income tax brackets
D) consumption tax
E) none of the above
B
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Mercantilism
A) is the philosophy of free international trade. B) was a system of export promotion and barriers to imports practiced by governments, especially in the 17th and 18th centuries. C) was praised by Adam Smith in The Wealth of Nations. D) Both A and C.
The income effect of a real wage increase is observed when
A) the higher wage causes workers to take more leisure and work fewer hours. B) the higher wage causes workers to take less leisure and work more hours. C) leisure's higher opportunity cost causes workers to take less leisure and work more hours. D) leisure's higher opportunity cost causes workers to take more leisure and work more hours.