Withholding of the federal income tax _____
a. was first used during the civil war
b. was first used during World War I
c. was first used during World War II
d. was first used after World War II
c
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The concept of opportunity cost:
A. is irrelevant in socialistic economies because of central planning. B. suggests that the use of resources in any particular line of production means that alternative outputs must be forgone. C. is irrelevant if the production possibilities curve is shifting to the right. D. suggests that insatiable wants can be fulfilled.
Use the following table for a hypothetical single-product economy. year units of output price per unit price index (1=100) 1 10 10 100 2 12 20 200 3 15 30 300 4 20 40 400 Refer to the above data. Nominal GDP in year 3 is:
a) $100. b) $450. c) $225. d) $150.