The idea that tax cuts would increase the quantity of labor supplied, thus increasing tax revenue, became known as supply-side economics
a. True
b. False
Indicate whether the statement is true or false
True
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Total utility will be at its maximum when
A. marginal utility is negative. B. marginal utility is positive. C. marginal utility is maximized. D. marginal utility is zero.
The production possibilities curve is bowed outward from the origin because of
a. the law of increasing costs b. the finite nature of the resource base c. inefficiency d. improper output mix e. unemployment
Unemployment payments
a. rise during a recession and thus reduce the severity of the recession b. rise during a recession and thus increase the severity of the recession c. rise during inflationary episodes and thus reduce the severity of the inflation d. fall during inflationary episodes and thus increase the severity of the inflation e. fall during a recession and thus increase the severity of the recession
If Fredonia has a closed economy, it ________ with other countries.
A. trades B. does not negotiate C. prevents its citizens from traveling to other countries but trades D. does not trade