Induced taxes...
What will be an ideal response?
decrease during recessions and increase during expansions
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Economists call the fact that the general public has little incentive to become informed about most political issues _____
a. rational ignorance b. irrational voting c. a diminishing political marketplace d. cyclical political institutions
Using Figure 3 below, suppose that the economy was at Y1. This level of GDP would be considered:
A. inflationary.
B. recessionary.
C. a long run level of output.
D. a natural rate of output.
What is a location rent? Give an example of a location rent
A country will not trade unless:
A. it has an absolute advantage in production. B. the value received is greater than its domestic opportunity cost. C. domestic industries are protected from harm. D. the other nation is a close ally.