State and local governments receive most of their revenue from
A) sales and excise taxes, revenue from the federal government, and property taxes.
B) individual income taxes, social insurance contributions, and property taxes.
C) corporate income taxes, property taxes, and personal income taxes.
D) property taxes, sales and excise taxes, and Social Security contribution.
Answer: A
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If an increase in autonomous consumption spending of $25 million results in a $100 million increase in equilibrium real GDP, then
A) the MPC is 0.25. B) the MPC is 0.75. C) the MPC is 0.8. D) the MPC is 2.5.
Which of the following would increase the gap in wages between skilled and unskilled workers?
A) less technological progress of the kind we've experienced in the past 15 years B) new types of production technology that require workers to have more skills C) an increase in the costs of going to college D) all of the above E) none of the above