The share of corporate tax in total federal revenues
A) has declined over the past few decades to a relatively low level.
B) is larger than the other components of federal revenue.
C) has grown significantly in each of the past 10 years.
D) is the smallest of all the components of federal tax revenue.
A
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When aggregate planned expenditure exceeds real GDP,
A) an unplanned increase in inventories occurs. B) real GDP remains at its equilibrium level. C) firms decrease production. D) an unplanned decrease in inventories occurs. E) real GDP decreases.
Your textbook so far considered variables for cointegration that are integrated of the same order
For example, the log of consumption and personal disposable income might both be I(1) variables, and the error correction term would be I(0), if consumption and personal disposable income were cointegrated. (a) Do you think that it makes sense to test for cointegration between two variables if they are integrated of different orders? Explain. (b) Would your answer change if you have three variables, two of which are I(1) while the third is I(0)? Can you think of an example in this case? What will be an ideal response?