In the United States, most of the government's taxing and spending is
A) to stabilize the economy and move it to its potential output.
B) to bring about greater income equality.
C) to keep inflation at a moderate level.
D) for purposes other than economic stabilization.
Ans: D) for purposes other than economic stabilization.
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Product improvements make it difficult for the statisticians who construct the CPI to distinguish between ________ changes and ________ changes.
A. price; quality B. income; price C. quantity; quality D. quantity; price
The increase in real GDP per hour of labor that results from an increase in capital per hour of labor ______.
A. is constant and independent of the quantity of capital B. is larger at a small quantity of capital than at a large quantity of capital C. is smaller at a small quantity of capital than at a large quantity of capital D. decreases as technology advances
The figure shows the market for college education. If the market for education is competitive and with no government intervention, the equilibrium quantity of college students is ________ million and the efficient quantity of college students is
________ million. A) 2; 4 B) 8; 2 C) 8; 4 D) 4; 8 E) 0; 10
A public good is a good that is both rival and excludable
Indicate whether the statement is true or false