Which of the following would be considered an example of structural policy?
A. An attempt to reduce the government budget deficit by reducing spending.
B. Provision of additional cash to the banking system.
C. A reduction in income tax rates.
D. A decision by a developing country to reduce government control of the economy and to become more market-oriented.
Answer: D
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What best explains why real GDP per person is always driven to the subsistence level in the classical model?
A) Population growth occurs, increasing the supply of labor. B) Population growth occurs, shifting the labor supply curve leftward. C) Growth is not possible so the demand for labor never changes. D) Investment in capital decreases labor demand, decreasing the demand for labor.
In the above figure, if output is 10 units, then the total deadweight loss is
A) $5. B) $10. C) $20. D) $60.
The demographic trends in population growth and migration after the Civil War differed significantly from those established before the War
Indicate whether the statement is true or false
Marginal willingness to pay a. rises as greater quantities are consumed
b. falls as greater quantities are consumed. c. stays the same as greater quantities are consumed. d. none of the above