True or False: 1. Percentage wise, the government collects more tax from individ

Question

True or False:
1. Percentage wise, the government collects more tax from individuals than it does from firms.
2. The unemployment rate decreases during periods of expansion.
3. When the Federal Reserve buys government bonds, interest rates are likely to fall.
4.The United States economy spends about as many months in recession as it spends in expansion.
5. Movements of real GDP around potential GDP are called the business cycle.
6. During each recession, potential GDP falls.
7. When foreign countries experience an increase in income, this is likely to increase our GDP.

Explanation / Answer

a) "True"

The US collects 47% of its total tax from individuals as income tax and only 9% as corporate tax.

b) "True"

c) True, as it will increase the money supply.

d) "False"

e) "True"

f) "false"

g) "True"

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