What is economic policy? What are three main types of economic policy? Define each type and describe what kind of economic problem each one solves.
What will be an ideal response?
Ans: Economic policy addresses the problem of economic security for society as a whole. One type of economic policy is fiscal policy, which is the government’s power to tax and spend to stabilize the economy, which solves the problem of a lagging economy. A second type of economic policy is monetary policy, which is the government’s power to control the money supply through the manipulation of interest rates, which solves the problem of economic cycles. A third type of economic policy is tax policy, which is the government’s power to require that individuals and businesses contribute to collective costs, which helps to solve the problem of paying for things.
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A. Iraq B. Iran C. Syria D. Afghanistan
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A. less uniquely B. more uniquely C. neither more nor less D. less E. more
Given the preference orderings listed below, what would the result be of a pair-wise contest between the spending choices tax cut and education?
Imagine that three city council members are trying to decide how to spend a surplus.The options currently being debated are (i) spend it on improving primary education in the municipality, (ii) spend it on improving the level of medical care offered by the local hospital, or (iii) lower local taxes and use the surplus to cover the costs of existing programs.The council employs majority rule to make its decisions.The councillors have the following preference orderings over the spending choices:
Assume that the councillors hold a round-robin tournament that pits each alternative against every other alternative in a series of pair-wise votes.The winner is the alternative that wins the most contests.
A. education
B. medical
C. tax cut
D. it would be a tie
Which of the following argued that in the United States there is no "American dilemma" over racial injustice, but rather only concern that conflicts that have racial overtones disrupt the peace and interrupt the conducting of business?
A) Gunnar Myrdal B) Charles E. Silberman C) William Julius Wilson D) Ralph Ellison E) Lucius Emerson