What is the most obvious reason for trying to reduce poverty?
a. a sense of ethics and morality
b. an attempt to combat terrorism
c. demonstrating support for international organizations
d. a push for increased global wealth
a. a sense of ethics and morality
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
What is the key idea of classical growth theory that leads to the dismal outcome?
What will be an ideal response?
A decrease in demand and an increase in supply will lead to
A) unambiguous increases in both price and quantity. B) unambiguous decreases in both price and quantity. C) an unambiguous decrease in price, but the effect on quantity is indeterminate. D) an unambiguous decrease in quantity, but the effect on price is indeterminate.
Which of the following would be classified as private investment?
a. An individual's purchase of a used car b. A family's purchase of groceries c. An individual's purchase of a General Electric bond d. A family's purchase of a newly built home e. A family's purchase of a new car