Econ 2113 BRCC Final questions and answers 2024 with complete solution

A change in a country's standard of living is measured by the change in - real GDP per capita (person) A tax policy where tax rates decrease when income increases is called - regressive taxation A tax policy where tax rates increase when income increases is called - progressive taxation. A tax policy where tax rates stay the same when income increases is called - flat taxation According to the Laffer Curve, - decreasing tax rates may or may not cause tax revenue to decrease. All of the following could be automatic stabalizers except - a tax increase to reduce the deficit. Amy was laid off from her construction job, but Amy is laid off every winter because of the snow. Amy's unemployment is best classified as - seasonal. An increase in the supply of money would cause - aggregate demand to increase. An increase the money supply will - causes interest rates charged by banks to decrease. As more capital is used per worker, moving along the production function diminishing returns occur because - additional units of capital provide less additional output. As the quantity of capital provided to workers increases, the production functions exhibits a - positive relationship, with each additional unit of capital resulting in less additional real GDP.Banks create money by - making loans and creating deposits, a process that is limited by the size of banks' excess reserves. Barter requires the - exchange of goods and services directly for other goods and services.