An expansionary fiscal policy is...
What will be an ideal response?
a cut in taxes
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If the market in the figure above is a profit-maximizing single-price monopoly, consumer surplus is the area ________
A) ABH B) BFGH C) ACG D) BCD E) ACE
Place point B on the graph to indicate where the United States economy operated in 1943.
Opportunity cost reflected on a production possibilities curve is
A) the cost of reducing the output of one good in order to increase the output of another. B) the rate at which people are willing to exchange goods as determined by demand and supply. C) the dollar cost of the good given up to get another good. D) independent of the slope of the curve.
Keynes argued that, for the period that he was writing about:
A. both the short run and the long run are equally important. B. the short run is a more important policy concern than the long run. C. the long run is a more important policy concern than the short run. D. the distinction between the short run and the long run is irrelevant.