Which of the following would indicate that the dollar amount being analyzed is money?
a. M1 money stock of $1.4 trillion at the end of 2010
b. Microsoft profits of $500 billion in 2010
c. The first quarter of 2002
d. Nominal GDP in 2010 of $14.7 trillion
a
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The ________ equals the number of ________
A) labor force; persons over 16 years old B) labor force; unemployed and employed persons C) working age population; employed persons D) unemployment rate; people unemployed
The excess burden of a tax
A) is measured by the administrative costs required to implement a tax system. B) is a measure of the foregone consumption as a result of having to pay taxes. C) is a measure of the hardship imposed on low-income individuals in a society. D) measures the efficiency loss to the economy that results from a tax, causing a reduction in the quantity of goods and services produced.