A decrease in production costs at any given quantity ______ supply.
Fill in the blank(s) with the appropriate word(s).
Answer: increases
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Point C on the production possibilities frontier in the above diagram illustrates
A) a point that achieves production efficiency. B) a combination of goods and services that cannot be produced efficiently C) all goods and services that are desired but cannot be produced due to scarce resources. D) a production point that has underutilization of resources
The Federal Reserve ________ pay interest on reserves held on deposit. The European System of Central Banks ________ pay interest on reserves held on deposit
A) does; does B) does; does not C) does not; does D) does not; does not
The relative income hypothesis is associated with the ideas of
a. John M. Keynes b. Milton Friedman c. Franco Modigliani d. James Duesenberry e. Adam Smith
Why is it unlikely that tax increases will be the way to eliminate current U.S. federal budget deficits?
A. The revenues generated by increasing taxes on the rich would only pay for a small portion of the federal budget deficit in any recent year. B. Increasing every worker's taxes by the same amount could eliminate the deficit, but it is likely this action would be viewed as too burdensome for workers with modest incomes. C. Since World War II, on average when taxes were increased by a dollar, federal government spending increased by that much and more. D. all of these