One way fiscal policy affects aggregate demand is:
A. indirectly through government spending.
B. directly through tariffs.
C. directly through taxation.
D. indirectly through taxation.
D. indirectly through taxation.
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
The recognition time lag recognizes that it takes time
A) to collect information about the state of the economy. B) for any change in policy to take effect and for people to recognize that the policies are effective. C) to get politicians to agree on the best policy to enact. D) for the politicians to enact the policy once the need for change has been recognized.
The cutthroat competitor is on the opposite end of the competitive spectrum from the __________________.
Fill in the blank(s) with the appropriate word(s).
Short-run costs that depend on the level of output are
A) total fixed cost only. B) total variable costs only. C) total costs only. D) both total variable costs and total costs.