Microeconomics is the study of
A) aggregate measures of the economy.
B) foreign policy economic issues.
C) federal budget details.
D) individual decision making.
D
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Suppose an economy has a balanced federal budget, and a favorable supply shock hits the economy. Tax revenues will ________ and expenditures on transfer payments will ________, resulting in a budget ________
A) fall; fall; deficit B) increase; fall; surplus C) fall; increase; deficit D) increase; increase; surplus
If the government proposed a one-time tax of 25% on accumulated wealth, this would likely
A) reduce the incentive for individuals to accumulate wealth. B) increase the incentive for individuals to accumulate wealth. C) have no impact on individual accumulation of wealth since it is a one-time tax. D) All of the above are equally likely to happen.