Which country uses Choco Pies as a form of money? 1. China            2. Vietnam          3. Japan               4. North Korea

If your nominal wages went up by 25%, your real wages went up by 15% if 1. prices went up by 15% 2. prices went up by 10% 3. prices went down by 10% 4. prices went down by 15%

If a country’s GDP is $10 trillion, and its consumption expenditure is $7 trillion, what is the value of its net exports if investment and government spending are both $2 trillion?1. -$2 trillion2. -$1 trillion3. $1 trillion4. $2 trillion

The Laffer curve suggests that tax rates above a certain point can: 1. Decrease government spending 2. Decrease the budget deficit 3. Increase government efficiency   4. Decrease government revenue

What word do economists use to refer to the purchase of goods that will be used in the future to produce more goods and services? capital consumption investment costs

Based on your understanding of unemployment, COVID-19 caused primarily what type of unemployment to go up? 1. seasonal 2. structural 3. cyclical 4. frictional

Which of these is a good definition of a regressive tax 1. the wealthier pay a greater rate than poorer individuals 2. the wealthier pay a greater overall amount of the tax 3. the wealthier pay a lower overall amount of the tax 4. the wealthier pay a lower rate poorer individuals

Income Tax rate $0 to $40,000 25% $40,000 to $100,000 40% Over $100,000 60%   What is the effective tax rate if you earned $200,000? 47% 52% 58%    60%

An improvement in production technology will increase a firm’s costs and increase its supply increase a firm’s costs and decrease its supply  decrease a firm’s costs and increase its supply decrease a firm’s costs and decrease its supply

If a government subsidize producers of electric cars, 1. demand will increase 2. demand will increase 3. supply will increase 4. supply will decrease