Suppose that a federal election is coming soon and the government has been running persistent large budget deficits. Constitutional economists would most likely urge ___________________ in order to eliminate future budget deficits
A) voters to vote for liberal candidates
B) voters to vote for conservative candidates
C) Congress to pass a law constraining them to spend no more than what they are receiving in tax revenues
D) Congress to remove all constraints on spending and taxes.
C
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The fungibility of money means that
A. the categories people create to organize their expenditures are meaningless in financial terms. B. people often create false distinctions between categories of debt. C. thinking large, one-time expenses should be paid off over a period of time, while everyday expenses should come out of your checking account, is irrational. D. All of these statements are true.
A) Given the information above, if full employment GDP were 2,300, would there be an inflationary gap or a recessionary gap? B) What two fiscal policy measures would you recommend to remove that gap?
Which of the distributive standards does NOT involve a value judgment?
A. egalitarian standard B. merit standard C. productivity standard D. All of the standards involve value judgments.
A firm is producing output less than the output associated with the minimum point on the firm's short run average variable cost curve. At this level of output the firm uses its fixed capital input ________ and its variable labor input ________.
A. at a level higher than the lowest average cost; at a level higher than the lowest average cost B. at a level higher than the lowest average cost; at the lowest average cost C. at the lowest average cost; at the lowest average cost D. at the lowest average cost; at a level higher than the lowest average cost