Refer to the information provided in Table 24.7 below to answer the question(s) that follow.
Table 24.7All Numbers are in $ Million
Refer to Table 24.7. Suppose the economy is in equilibrium and the government raises taxes from $200 million to $250 million, equilibrium output will ________ by $________ million.
A. increase; 200
B. decrease; 200
C. decrease; 50
D. increase; 50
Answer: B
Economics
You might also like to view...
What is the real-balance effect of an increase in the price level?
What will be an ideal response?
Economics
The distinction between income and needs of the working poor is not vital for policy concerns
Indicate whether the statement is true or false
Economics
Firms under perfect competition produce:
a. homogeneous products. b. unique products. c. either standardized or differentiated products. d. differentiated products. e. antique products.
Economics
The highest and lowest levels of economic activity during the business cycle are called
a. peaks and troughs. b. expansions and contractions. c. nadirs and zeniths. d. leading and lagging indicators.
Economics