One significant criticism of the major proposition of supply-side economics during the period 1980-1988 was that:
A. The tight monetary policy of the Federal Reserve slowed the growth of the economy and caused a severe recession
B. Major sectors of the economy failed to achieve optimal efficiency from increased regulation by government
C. There was a significant increase in the rate of unemployment over the period
D. Growth in the productive capacity of the economy did not exceed the historical pace
D. Growth in the productive capacity of the economy did not exceed the historical pace
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The total product is 10 units. The average total cost is $30 and the average fixed cost is $10. What is the amount of the total variable cost?
A) $20 B) $200 C) $300 D) $10 E) It is impossible to determine with the information given.
Refer to Table 27-3. Consider the hypothetical information in the table above for potential real GDP, real GDP, and the price level in 2016 and in 2017 if Congress and the president do not use fiscal policy
If Congress and the president use fiscal policy successfully to keep real GDP at its potential level in 2017, which of the following will be higher than if Congress and the president had taken no action? A) real GDP and the unemployment rate B) potential GDP and the inflation rate C) real GDP and the inflation rate D) real GDP and potential GDP
Naturally occurring diamonds are an example of
A) land. B) labor. C) physical capital. D) human capital.
Which of the following is true regarding the per person income of the world during the past 1000 years
a. The world's income per person has approximately doubled during the past 1000 years and most of that growth has occurred since 1900. b. The world's income per person changed very little during the 800 years prior to 1813, but it has increased by nearly tenfold during the past 200 years. c. The world's income per person has grown steadily during the past 1000 years. d. The world's per person income grew at an annual rate of more than 2 percent during 1000-1813, but the annual growth rate has declined as the population increased during the past 200 years.