The name given to government programs implemented to prevent or shorten recessions and counteract inflation is
a. supply-side economics.
b. contractionary policy.
c. monetary policy.
d. stabilization policy.
d
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A fixed exchange rate system where central banks buy and sell gold to keep exchange rates at a given level is called the:
A) fixed standard. B) flexible standard. C) fiat standard. D) gold standard.
A second-price auction
a. is also called a Vickrey auction b. is where bidders submit increasing bids until all but one remains c. is where the sole remaining bidder wins and pays his winning bid d. all of the above
International trade between countries typically produces a winner and a loser. Generally, it is the economically more advanced country that gains at the expense of the less developed nation
a. True b. False
Total producer surplus is the area below the equilibrium price and above the supply curve
a. True b. False Indicate whether the statement is true or false