Which of the following is a category of fiscal policy?
A. government policies regarding taxation
B. government policies regarding transfer payments and welfare benefits
C. government policies regarding the purchase of goods and services
D. all of the above
Answer: D
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When a minimum wage is ________, the firms' surplus and workers' surplus shrink, a deadweight loss ________, and resources are lost in job search
A) inefficient; arises B) inefficient; disappears C) efficient; arises D) efficient; disappears E) nonexistent; arises
Assume a perfectly competitive firm sells its output for $150 per unit. At its current 2,000 units of output, marginal cost is $180 and increasing, and average variable cost is $160 . Assuming it wants to maximize its profits, it should: a. increase output
b. decrease output, but not shut down. c. maintain its current output rate. d. shut down.
The coefficient that represents the average number of times a dollar is used to buy goods and services is called
a. the demand for money. b. the quantity theory of money. c. the price level. d. the velocity of money.
When competition is present and property rights secure, people will be encouraged to
What will be an ideal response?