Based on the graph showing the Phillips curve, higher inflation is paired with ______.
a. lower unemployment
b. higher unemployment
c. zero unemployment
d. increasing unemployment
a. lower unemployment
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An $18 billion increase in spending creates $18 billion of new income in the first round of the multiplier process and $13.5 billion in the second round. The multiplier in the economy is
A. 2. B. 3. C. 4. D. 5.
The Laffer curve is a graph of the relationship between tax rates and:
a. real GDP. b. total tax revenues. c. government spending. d. inflation.
Public choice theory argues that one reason for rational voter ignorance is the indivisibility of public service
a. True b. False Indicate whether the statement is true or false
In a competitive price-taker market,
a. many other sellers are offering a product that is essentially identical. b. consumers have more influence over the market price than producers do. c. government intervention prevents firms from influencing price. d. producers agree not to change the price.