A transfer payment is the tax one pays when transferring real estate.
Answer the following statement true (T) or false (F)
False
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The menu cost theory states that
A) wages depend on the productivity of workers. B) economic agents quickly learn the likely responses of the Fed to changes in unemployment. C) the economy is characterized by perfect competition. D) prices are not fully flexible because it is costly for firms to change prices every time there is a demand change.
In the above figure, if this natural monopolist were unregulated, the profit maximizing firm would produce
A. past the Q3 output rate. B. at Q3 output rate. C. at Q2 output rate. D. at Q1 output rate.
The amount that ________ have accumulated out of past income through saving and inheritance is wealth.
A. corporations B. markets C. households D. governments