The majority of dollars spent by government prior to the Great Depression was spending at the ________. In the post World War II period, two-thirds to three quarters of all dollars spent by government in the United States are spent at the ________
A) state and local levels; federal level B) state and local levels; state level
C) federal level; state and local levels D) local level; state level
A
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In order to maximize profits in the short run, a price taker should always produce at the output level where marginal cost is equal to price.
Answer the following statement(s) true (T) or false (F)
Ceteris paribus, which of the following would cause the aggregate demand curve to shift to the right?
a. higher personal taxes b. a rise in consumer confidence c. reduced stock market wealth d. a reduction in transfer payments
When oligopolists join together in a cartel, they
a. have chosen to ignore interdependence. b. have admitted that their behavior is interdependent. c. are planning to violate the law of supply and demand. d. are trying to behave like perfect competitors.
Based on the graph showing rational expectations and the AD/AS model, the change caused by expansionary policies is ______.
a. higher price levels
b. lower unemployment
c. higher RGDP
d. lower price levels