Health and public welfare expenditures account for the largest share of state and local government spending.
Answer the following statement true (T) or false (F)
False
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Suppose the government wants to maintain a balanced budget. To achieve this goal, when the economy falls into recession government would need to ________ taxes, which would cause aggregate demand to ________
A) increase; decrease B) decrease; increase C) decrease; decrease D) increase; increase
Firms face downward sloping demand curves in
A) monopolies only. B) monopolies and oligopolies only. C) monopolies and oligopolies that collude only. D) all market structures except perfect competition.
Prices set too low can actually be against the public interest.
Answer the following statement true (T) or false (F)
Which of the following will most likely occur in the United States as the result of an unexpected rapid growth in real income in Canada and Mexico?
a. an increase in aggregate demand and output in the short run b. an reduction in aggregate demand and output in the short run c. a reduction in the price level d. a decrease in the natural rate of unemployment in the United States