Programs designed to provide protection against unpredictable financial distress are known as:
a. social insurance programs.
b. poverty programs.
c. government transfers.
d. negative income tax programs.
Ans: a. social insurance programs.
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The aggregate supply curve is a(n) ________ curve because it represents the relationship between price level and the quantity of real GDP supplied, two items that are ________ correlated
A) upward-sloping; positively B) vertical; not C) upward-sloping; negatively D) downward-sloping; negatively E) downward-sloping; positively
The tobacco industry is an example of an oligopoly market structure
Indicate whether the statement is true or false
If a nation has a higher level of technology than another nation it means that they will be able to produce:
A. more outputs with the same inputs. B. less with the same amount of physical capital. C. more with no capital. D. the same output with the same level of inputs.
Taxes in the United States are automatic stabilizers in that
A. tax revenues increase when income increases, thus offsetting some of the increase in aggregate demand. B. tax revenues decrease when income increases, intensifying the increase in aggregate demand. C. the President can increase tax rates whenever he deems such policy appropriate. D. tax rates can be adjusted by Congress to counteract economic fluctuations.