The food stamp program was started to _____
a. increase demand for agricultural products
b. reduce poverty
c. provide better nutrition for low-income individuals
d. a and c
d
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Using the ISLM model, explain and show graphically the effect of a fiscal expansion when the demand for money is completely insensitive to changes in the interest rate. What is this effect called?
What will be an ideal response?
Is there a positive or negative relationship between real wages and output in the classical model? Explain
What will be an ideal response?
When an economy is operating below its potential capacity, Keynesian economists argue that
a. taxes should be raised if the government is currently running a budget deficit. b. taxes should be lowered but only if the government is running a budget surplus. c. the government should cut taxes and/or increase expenditures in order to stimulate aggregate demand. d. both a and b are correct. e. all of the above are correct.
When the percentage change in quantity supplied is equal to the percentage change in price, supply is said to be inelastic
Indicate whether the statement is true or false