Taxes are of interest to
a. microeconomists because they consider how to balance equality and efficiency.
b. microeconomists because they consider how best to design a tax system.
c. macroeconomists because they consider how policymakers can use the tax system to stabilize economic activity.
d. All of the above are correct.
d
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How does a monopoly decide the optimal amount of a good that it should produce? How does it set the price for its product?
What will be an ideal response?
While much of New Classical macroeconomics is being refuted by the evidence, at least one part of it may be a permanent legacy to all economists. It is the insistence on a certain aspect of macroeconomic policy:
A) It has as much impact on SAS as on AD. B) It has its impact on nominal and not real variables. C) People will try to anticipate it and then act accordingly. D) It has no impact on SAS or AD, but does affect LAS.
The nominal value of GDP is:
a. expressed in monetary values adjusted for inflation b. expressed in monetary values that are not adjusted for inflation. c. expressed in numeric values that does not correlate to a monetary term. d. expressed as a ratio between the value of consumption expenditure and the value of investment expenditure.
The level of real GDP is a good measure of economic prosperity, and the growth of real GDP is a good measure of __________
Fill in the blank(s) with correct word