The majority of payments made by the federal government are for
a. transfer payments.
b. administrative expenses.
c. foreign aid.
d. defense purchases
a
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Which of the following actions could be undertaken if the government wants to close a recessionary gap?
A) Increase taxes and reduce government spending. B) Reduce taxes and increase government spending. C) Increase taxes and increase government spending. D) Reduce taxes and reduce government spending.
The underlying reason large taxes create small revenues is ______.
a. a decrease in quantity exchanged b. a maximization of efficiency c. a gain in consumer surplus d. an inability for supply to meet demand
Globalization in the past decade has led to a(n):
A. vertical short-run Phillips curve. B. backward short-run Phillips curve. C. upward-sloping short-run Phillips curve. D. flat short-run Phillips curve.
When students end up doing "all-nighters" just to finish a term paper, it illustrates the:
A. Planning fallacy B. Framing effect C. Hindsight bias D. Availability heuristic