If the economy is experiencing inflationary boom, and the government lowers taxes in an effort to balance the budget, the Keynesian model indicates the likely effect will be to
a. counteract inflation.
b. reduce the trade deficit.
c. continue inflationary pressures.
d. increase unemployment.
C
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The Taft-Hartley Act made all of the following illegal EXCEPT
A) jurisdictional disputes. B) the Congress of Industrial Organizations. C) make-to-work laws. D) closed shops.
Which of the following correctly represents the budget deficit?
a. Tax revenue - government purchases b. Tax revenue - government outlays c. Government purchases - tax revenue d. Government outlays - tax revenue e. Government outlays - tax revenue - transfer payments
Which of the following statements is most accurate about advanced economies?
A. Economies experience a positive growth trend over the short run but experience significant variability in the long run. B. Economies experience a positive growth trend over the long run but experience significant variability in the short run. C. Economies experience positive and stable growth over both the long run and short run. D. Economies experience little long-run growth in output but can experience significant growth in the short run.
According to your textbook, globalization tends to increase the productivity of nations through
A) improvements in the labor skills of their citizens. B) increasing technological knowledge. C) improving the coordination of individual economic plans. D) doing all of the above.