From 1980 to 2000 the employment-to-population ratio generally ________ and from 2000 to 2014 the ratio generally ________
A) increased; decreased
B) decreased; decreased
C) increased; increased
D) decreased; increased
A
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When government spending is less than the tax revenues during a specific time period, this is known as a
A) government budget deficit. B) government budget surplus. C) balanced budget. D) public debt.
Refer to Figure 16-9. Given that the economy has moved from point A to point B in the graph above, which of the following would be the appropriate fiscal policy to achieve potential GDP?
A) decrease the money supply B) increase interest rates C) increase government spending D) increase taxes
The marginal cost of catching a fish is the same as the average total cost at your current level of 3,000 fish. If the price you receive for fish is greater than the marginal cost of the 3,000th fish, you should
a. add another boat to your fleet b. decrease production until MC = MR c. increase production until MC = MR d. stop production at 3,000th fish e. decrease production until the marginal cost of the next unit is enough to pay for the workers, bait, and fuel
Define the following terms and explain their significance to the study of macroeconomics. a. Fiscal policy b. Transfer payments c. Effect of income taxes on the multiplier d. Supply-side tax cuts
What will be an ideal response?