Autarchy as used in the text refers to
(a) an economy that does not trade.
(b) an economy that trades primary products in exchange for manufactures.
(c) developing country dictatorships.
(d) the caste system and related social structures.
A
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Assume the marginal propensity to consume (MPC) is 0.75 and the government increases taxes by $250 billion. The aggregate demand curve will shift to the:
a. left by $1,000 billion. b. right by $1,000 billion. c. left by $750 billion. d. right by $750 billion.
An abnormally large grain crop due to highly favorable weather conditions in the Midwest is an example of
a. a technological improvement that will increase long-run aggregate supply. b. a supply shock that will increase short-run aggregate supply. c. an unexpected development that will reduce the natural rate of unemployment. d. an unexpected development that will lead to excess supply and widespread unemployment.
Which of the following is an example of an indirect tax?
A. Value-added tax B. Income tax C. Inheritance tax D. Head tax
According to the Keynesian view, which of the following would most likely stimulate real output if an economy were in a recession?
What will be an ideal response?