An increase in taxes and a decrease in government spending would be characteristic of a contractionary fiscal policy.
Answer the following statement true (T) or false (F)
True
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A great deal of damage is done to the environment in the urban U.S. because
A) a system based on private property cannot provide for a common environment. B) few people understand the economics of pollution. C) many and perhaps most people assign little or no value to a pleasant environment. D) the environment is treated as everyone's property and therefore as no one's property. E) the United States has no central planning.
Refer to Figure 2-4. A movement from X to Y
A) is the result of advancements in plastic production technology only, with no change in food production technology. B) could be due to a change in consumers' tastes and preferences. C) is the result of advancements in food production technology only, with no change in the technology for plastic production. D) could occur because of an influx of immigrant labor.
The percent change in the quantity of one commodity demanded divided by the percent change in the price of another commodity is the
a. price elasticity of demand b. price elasticity of supply c. income elasticity of demand d. income elasticity of supply e. cross-price elasticity of demand
Real wages usually lag behind the increases in labor productivity
a. True b. False Indicate whether the statement is true or false