Supply-side economics
a. was the policy prescriptions President Clinton used to create budget surpluses
b. challenged the views on taxes held by President Bush's (1988–92) chief economic adviser, Arthur Laffer
c. was popularized as Reaganomics during President Reagan's administrations
d. challenged the view that supply creates its own demand
e. advocates crowding out to curb government spending
C
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The two biggest items of the U.S. federal government revenue that together account for over approximately 80 percent of total federal government revenue are
A) personal income taxes and Social Security taxes. B) personal income taxes and corporate income taxes. C) personal income taxes and sales taxes. D) corporate income taxes and Social Security taxes. E) corporate income taxes and property taxes.
Refer to Figure 8.1. The Nash equilibrium is found where Charla plays ________ and where Mirna plays ________
A) Install; Install B) Install; Don't Install C) Don't Install; Install D) Don't Install; Don't Install
According to Martha Olney why did blacks buy on installment at almost twice the rate of whites?
a. Installment contracts were formal and could be used legally for repossession while credit agreements could not. b. Blacks did not like to buy things on credit. c. Blacks were more likely than whites to purchase goods that required installment purchases. d. It was easier for blacks, who tended to have lower income than whites, to pay off their debts on a regular schedule that the installment plans offered.
The Keynesian-cross model implies that changes in aggregate supply cause fluctuations in real GDP
a. True b. False Indicate whether the statement is true or false