In the U.S., the share of taxes ____ during the early years of George W. Bush's presidency and ____ since then
a. decreased; increased somewhat
b. decreased; further decreased
c. increased; further increased
d. increased; decreased somewhat
e. increased; remained constant
a
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In practice, monopolistically competitive markets are:
A. very rare. B. very common. C. virtually nonexistent. D. the only type of market that truly exists.
The Keynesian analysis of fiscal policy argues that:
A. fiscal policy should generally be expansionary except during periods of economic recession. B. fiscal policy should generally be restrictive except during inflationary booms. C. the federal budget should be balanced annually except during war. D. the federal budget should be used to maintain aggregate demand at a level consistent with full employment.
A(n) ________ is a trade policy by which a nation agrees to limit its exports of a good in order to avoid more restrictive trade policies.
A. tariff B. voluntary export restraint (VER) C. import quota D. import ban
If the price level rises by 3 percent and workers' money wages increase by 3 percent, then the
A) quantity of labor demand will decrease. B) quantity of labor demand will increase. C) quantity of labor demanded does not change because there is no change in the real wage rate. D) Any of the above could occur depending on the magnitude on the dollar increase in the price level versus the dollar increase in the wage rate.