Fiscal policy is concerned with _____
a. government spending and taxation
b. government spending and changes in money supply
c. money supply and taxation
d. government spending, taxation, and money supply
e. only money supply
a
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If the price of gasoline fell from $2.95 to $2.85 per gallon, your expenditure on gasoline would increase if your price elasticity of demand for gasoline equals
A) 1.1. B) 1.0. C) 0.9. D) Total revenue would increase at all of the above elasticities.
Per capita GDP, a measure of worker productivity, reflects: a. the average quantity of goods and services available per person in a nation
b. the dollar value of a nation's output produced by an average worker in one hour. c. the economic growth rate of a nation adjusted for inflation. d. the ratio of inputs to the total output of an economy.
Say's law
A. was a basic pillar of classical economics. B. was a basic pillar of Keynesian economics. C. was formulated during the Great Depression. D. proves that we can never have full employment.
Answer the following questions true (T) or false (F)
1. At a short-run macroeconomic equilibrium, real GDP is always equal to potential GDP. 2. Stagflation occurs when aggregate supply and aggregate demand both increase. 3. A decrease in government spending will result in a decrease in the price level and a decrease in real GDP in the long run.