The primary tool of fiscal policy is
What will be an ideal response?
the federal budget
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Economic policy
a. always follows economic theory. b. develops rules and principles of economics. c. is often modified by political and social considerations. d. All of these.
An information product is a product for which
A) the first item is produced inexpensively but additional units are more costly to produce. B) the first unit is very costly to make but additional units are less costly to produce. C) the marginal cost first falls and then rises but the average total cost rises throughout its range. D) the average fixed cost first falls and then rises, but the average total cost falls throughout its range.
Best-response functions
a. can only be used to analyze games with continuous actions. b. are always downward sloping. c. always intersect at Nash equilibria. d. never intersect.
The essential-industry argument holds that industries with potential export capabilities should be protected.
a. true b. false