Fiscal policy is
a. the deliberate control of the money supply to achieve macroeconomic goals.
b. the use of the government's regulatory powers to improve economic efficiency.
c. the operation of business enterprises by the government.
d. the use of government taxation and expenditures to achieve macroeconomic goals.
D
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According to Figure 6.1, the period from 1996 to 2011 is particularly remarkable for the slow growth of ________
A) productivity B) labor input C) output D) capital input
If the absolute price elasticity of demand for a product is greater than 1, then
A) consumers are relatively insensitive to price changes. B) consumers are relatively sensitive to price changes. C) there is a positive relationship between price changes and total revenue. D) producers are relatively insensitive to price changes.
What pitfall is linked with adding up individual behaviors?
a. rationality b. the fallacy of composition c. correlation and causation confusion d. the economic problem
To compute national income from GDP,
A. national income is first calculated, and then depreciation of capital and indirect business taxes are subtracted from it to get GDP. B. GDP is first calculated, and then gross private domestic investment is subtracted from it to get national income. C. GDP is first calculated, and then capital depreciation and proprietors' income are subtracted from it to get national income. D. GDP is first calculated, and then depreciation of capital is subtracted from it to get national income.