Nondiscretionary fiscal policy relies in part on
A. spending for national defense.
B. automatic changes in personal and corporate income tax receipts to stabilize economic activity.
C. checks and balances established by the United States Constitution.
D. "do nothing" economic policies, based on the belief that a market economy is stable and self-adjusting.
B. automatic changes in personal and corporate income tax receipts to stabilize economic activity.
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Use the following graph to answer the next question.
Suppose that this pure monopoly is subjected to a regulatory commission. If the commission seeks to achieve the most efficient allocation of resources for this industry, it should set the price at ________.
A. P1 B. P2 C. P3 D. 0
What is meant by the term "economic efficiency"?
What will be an ideal response?
A liberal philosophy of land distribution would support which of the following rules about paying for western land?
a. High minimum acreage rules for people buying land b. High minimum prices for land c. Credit payments for the land
Which of the following products are not included in current U.S. GDP?
a. a Washington apple b. a Ford Mustang produced last year and sold this year c. a physical examination at a California health clinic d. All of the above are included in current U.S. GDP.