Supply-side tax cuts also tend to reduce aggregate demand and promote recession
a. True
b. False
Indicate whether the statement is true or false
False
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Scarcity refers to a situation in which unlimited wants exceed the limited resources available to fulfill those wants
Indicate whether the statement is true or false
If total utility increases at a decreasing rate as a consumer consumes more coffee, then marginal utility must
A) decrease. B) remains constant. C) be negative. D) increase also.
Charging risk-based insurance premiums is a time-honored principle of insurance management to reduce
A) moral hazard. B) adverse selection. C) free riding. D) principal-agent problems.
Cyclical majorities can occur when _____
a. voters have single-peaked preferences b. voters are rationally ignorant c. voters are irrationally ignorant d. voters do not have single-peaked preferences