Innovation is another word for invention.
Answer the following statement true (T) or false (F)
False
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The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which involves __________ spending.
A. business B. government C. household D. capital market
Suppose the price of butter falls because milk price supports are removed. Will people’s tastes shift away from margarine and toward butter?
What will be an ideal response?
As a result of a tariff on imports, consumers in the importing country
a. purchase more domestically produced goods and fewer foreign goods, resulting in the consumption of fewer total goods than without the tariff b. purchase more domestically produced goods and fewer foreign goods, resulting in the consumption of more total goods than without the tariff c. purchase more domestically produced goods and more foreign goods, resulting in the consumption of fewer total goods than without the tariff d. purchase fewer domestically produced goods and fewer foreign goods, resulting in the consumption of more total goods than without the tariff e. cease importing any goods at all
Suppose there is a reduction in the saving rate. Explain what effect this will have on output, output per worker, the rate of growth of output, and the rate of growth of output per worker
What will be an ideal response?