The statement "balancing the budget on the backs of the poor" refers to
A. Transfer payment cuts in order to reduce government expenditures.
B. Government spending cuts on public parks in order to reduce government expenditures.
C. Tax increases on the poor in order to increase government revenues.
D. Government spending increases in order to increase aggregate expenditures.
Answer: A
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Traditionally, economists regarded improvements in technology as
A) unrelated to economic growth in any systematic way. B) the most important factor that helped explain economic growth, and basically the only factor that would cause economic growth. C) an important factor in explaining economic growth that was due to economic forces that also could easily be explained. D) an outside factor that helped explain economic growth.
If demand for a seller's product is perfectly elastic, which of the following is true?
i. The firm will sell no output if it sets the price its product above the market price. ii. There are many perfect substitutes for the seller's product. iii. The firm will sell no output if it sets the price its product below the market price. A) i only B) ii only C) iii only D) i and ii E) ii and iii
________ is the first step in the planning process according to a Model (diagram) in the book
a. Implementing b. Gathering and analyzing information c. Awareness d. Evaluation
In the above figure, the production of 75 ukuleles and 75 guitars is
A) efficient production. B) inefficient production. C) impossible production. D) full employment production.