Expansionary fiscal policy consists of:
a. increasing government spending.
b. increasing payroll taxes to finance health care.
c. decreasing government spending.
d. raising the minimum wage.
a
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According to the Law of Diminishing Marginal Utility:
a) Utility is at a maximum with the first unit. b) Increasing units of consumption increase the marginal utility. c) Marginal product will fall as more units are consumed. d) Total utility will increase at a decreasing rate as more units are consumed.
Aggregate supply can be thought of as
A. a fixed amount of output. B. unrelated to the price level. C. a schedule of output at different price levels. D. the volume of goods at the ends of the production possibilities curve.
If the MPC in the United States was low, it would increase the value of the multiplier.
Answer the following statement true (T) or false (F)
The unemployment rate is computed by dividing the _____ by the _____.
Fill in the blank(s) with the appropriate word(s).