According to the IGM poll, most economists think that the crowding out effects were stronger than the stimulative effects of ARRA
a. True
b. False
Indicate whether the statement is true or false
False
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Economies of scale occur when
A) a firm's long-run average total costs fall as it increases the quantity of output it produces. B) the marginal product of labor is greater than the average product of labor. C) the demand for a firm's output increases. D) short-run marginal cost falls.
When the economy is in recession, personal income tax collections
a. fall along with consumption and real GDP b. fall but consumption and real GDP rise c. rise providing funds for rising unemployment insurance d. rise but unemployment insurance payments fall so incomes remain unchanged e. fall but saving and investment rise along with real GDP
Which of the following is NOT a true statement regarding free trade?
A. Free trade generally reduces the domestic prices of imports. B. Free trade may stimulate economic growth through export sales. C. Every individual in a country gains short-term benefits from free trade. D. Free trade promotes specialization and efficient production.
Manufacturers produce only what the market is willing to pay for.
Answer the following statement true (T) or false (F)