Answer the following statement(s) true (T) or false (F)
1. Classical economic theorists argue that tax cuts and other incentives for investors and businesses at the top will lead to economic benefits for those at the bottom.
2. Supply-side economies believe in zero government intervention to implement policies.
3. Classical economic theory draws on free market ideas.
4. The gross domestic product (GDP) is the nation’s total production of goods and services for a single year.
5. Federal budget processes did not exist before the Budget and Accounting Act of 1921.
1. False
2. False
3. True
4. True
5. True
You might also like to view...
Modernization and globalization affect interest group development in both democratic and authoritarian systems
Indicate whether this statement is true or false.
Student rankings in a class is an example of a(n) scale
a. ordinal b. nominal c. ratio d. interval
__________ made important strides in foreign relations, completing an important arms control agreement with the Soviet Union and beginning negotiations with China, a country with which the United States had no formal prior diplomatic relations
A) John F. Kennedy B) Gerald Ford C) Jimmy Carter D) Richard Nixon E) Harry Truman
Fiscal policy refers to ______.
a. the government’s use of taxing and spending powers to regulate the economy b. the use of interest rates to control the money supply in order to regulate the economy c. policies designed to regulate business, labor, and trade d. regulations on business, labor, and trade e. the regulation of the market to ensure the effectiveness of social welfare policies