If federal, state, and local governments were unable to raise any revenue, then government's role as:
A. only a referee would be unaffected.
B. both an actor and a referee would be unaffected.
C. only an actor would be unaffected.
D. both an actor and a referee would be eliminated.
Answer: D
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Changes in total factor productivity are plausible causes of business cycles because productivity-induced business cycles correctly predict
A) real wages and total hours must be procyclical. B) real wages and consumption must be procyclical. C) total hours worked and consumption must be procyclical. D) consumption and government spending must be procyclical.
The marginal cost of a vacation in the south of France is $4,500 . The marginal benefit to Madeline of a vacation in the south of France is $4,800. a. Madeline will lose $300 if she vacations in the south of France
b. Madeline will experience a net gain of $300 if she vacations in the south of France. c. Madeline will be worse off if she vacations in the south of France. d. Madeline will enjoy a net gain of $4,800 if she vacations in the south of France.
Given a national income of $800 billion, an MPC of 0.8, and autonomous consumption of $60 billion, what is the level of consumption spending?
a. $640 billion b. $700 billion c. $760 billion d. $800 billion e. $860 billion
Firms in perfectly competitive markets typically have:
A. one profit-maximizing level of output. B. two profit-maximizing levels of output to choose from. C. several profit-maximizing levels of output to choose from. D. no chance of maximizing profits, since they have no control over market price.