A friend tells you he is studying the incidence of the corporate income tax. What is the subject of his study?
A) how frequently corporations should be taxed
B) how inflation affects the amount of tax revenue collected from firms
C) how corporations can aid the government in collecting delinquent taxes
D) how the burden of corporate taxation is distributed among stockholders, employees, and consumers
D
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In the 1950s the interest rate on three-month Treasury bills fluctuated between 1 percent and 3.5 percent; in the 1980s it fluctuated between ________ percent and ________ percent
A) 5; 15 B) 4; 11.5 C) 4; 18 D) 5; 10
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline