The federal government spends more on foreign aid than it spends on transportation, education, and agriculture combined
Indicate whether the statement is true or false
F
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As contrasted to the mainstream view, Keynesian economists believe that ________ than mainstream economists believe
A) the multiplier effect is larger B) the burden of government debt on future generations is larger C) fiscal stimulus is weaker D) potential GDP is smaller E) the real GDP growth rate is higher
Because each perfectly competitive firm sells a product identical to that of the other firms
A) each firm tries to cut prices to increase its market share. B) each firm's output is a perfect substitute for the output of any other firm. C) each firm expects to earn some economic profit. D) the demand for each firm's product is perfectly inelastic.
The IS curve shows the combinations of output and the real interest rate for which
A) the goods market is in equilibrium. B) the labor market is in equilibrium. C) the financial asset market is in equilibrium. D) an increase in output will cause the market-clearing interest rate to be bid up.
Average labor productivity tends to be
A) procyclical and less variable than real GDP. B) procyclical and more variable than real GDP. C) countercyclical and less variable than real GDP. D) countercyclical and more variable than real GDP.