A likely example of substitute goods for most people would be
a. tables and chairs.
b. bicycles and helmets.
c. apple juice and orange juice.
d. coffee and sugar.
c
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Which of the following is not considered part of government spending?
A) a military jet purchased by the federal government B) a nature preserve purchased by a state government C) social security payments to retirees D) teachers' salaries paid by a local government
The long-run growth in the economy depends on all of the following, except:
a. the growth in productive resources. b. the level of technological development in the country. c. the increase in the availability of inputs. d. the increase in the productivity of inputs. e. the number of economic contractions witnessed in a year.
It has been recommended in Congress, on occasion, that the progressive income tax be converted into a proportional tax, with everyone paying the same tax rate. Is this a good proposal?
What will be an ideal response?
The bursting U.S. housing bubble of 2007 did not trigger an immediate recession, because
A. mortgage interest rates remained relatively low. B. Democrats in control of Congress passed new tax cuts for distressed homeowners. C. previous homeowners were able to move into apartments. D. all of the options are correct.