Modern mixed economies
A. generally alter the outcome of market processes in a manner that is believed to be in the social interest.
B. attempt to redistribute income to make the distribution of income more equitable.
C. rely on the government as well as the market to effect the distribution of goods and services.
D. undertake all of the actions listed.
D. undertake all of the actions listed.
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For each $1 of a tax cut, economists expect consumption to
a. decrease by $1. b. decrease by less than $1. c. increase by less than $1. d. increase by $1.
An increase in the price of metal raises the cost of manufacturing dishwashers. As a result, the market changes to a new equilibrium because of
a. a surplus of dishwashers. b. an increase in the demand for dishwashers. c. a leftward shift in the demand curve for dishwashers. d. a leftward shift in the supply curve for dishwashers.
Which one of the following statements about public debt is most accurate?
a. Because rich and poor people hold government bonds, they are equally affected by the debt. b. Wealthy people are more likely to hold government bonds, and so they are less likely to be adversely affected by the debt c. Wealthy people are less likely to hold government bonds, and so they are more likely to be adversely affected by the debt. d. Poor people are more likely to hold government bonds, and so they are more likely to be adversely affected by the debt. e. Poor people are less likely to hold government bonds, and so they are less likely to be adversely affected by the debt.
Fiscal federalism
A. is uncommon in the United States. B. involves grants between levels of government. C. relies on balanced budgets. D. is administered by the Federal Reserve.