Which of the following are justifications for running a budget deficit?
a. avoiding raising tax rates
b. stabilizing an economy during a recession
c. both a and b
d. neither a nor b
d
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A decrease in the supply of a good will cause a larger increase in its price
A) if there are many close substitutes for the good. B) the greater the scarcity of the good. C) the more elastic the demand for the good. D) the more inelastic the demand for the good.
The incentive to lend increases as the real rate of interest decreases.
Answer the following statement true (T) or false (F)
What two structures are located inside the scrotum?
A. Epididymis and prostate gland B. Prostate gland and seminal vesicles C. Seminal vesicles and testes D. Testes and epididymis
Which of the following statements is TRUE?
A) If a firm is experiencing economies of scale, diminishing marginal product has not set in yet. B) No firm would ever operate at a level of output for which it experiences diseconomies of scale. C) A firm can experience diminishing marginal product and economies of scale at the same time. D) Diseconomies of scale is a short-run concept, while economies of scale is a long-run concept.