The U.S. economy during the 2001-2004 period was been characterized by all of the following except
a. expansionary fiscal policy.
b. expansionary monetary policy.
c. a jobless recovery.
d. moderate economic growth.
e. none of the above
E
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A critical assumption in the model of demand and supply is the independence of demand and supply curves. If the two are not independent, a shift in the supply curve can lead to a shift in the demand curve referred to as
a. supply-side economics. b. supplier-induced demand. c. supply shocks. d. ceteris paribus. e. the fallacy of supply.
The principal advantage of pollution permits is their incentive to minimize the cost of pollution control.
Answer the following statement true (T) or false (F)
According to the Ricardian equivalence theorem, people increase savings today when the government increases deficits because they recognize that:
A. consumption increases future taxes. B. government deficits imply higher future taxes. C. government deficits imply lower future taxes. D. consumption reduces future taxes.
Normative economics
A. answers the question "What is?" B. predicts the consequences of alternative actions. C. answers the question "What ought to be?" D. is the focus of most modern economic reasoning.