What method did the U.S. use to fund most of the cost of the Revolutionary War?
a. Increases in taxes
b. Increases in the issue of paper money
c. Increases in bond sales
d. Increases in tariffs
b. Increases in the money supply
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If a government-imposed price ceiling causes the observed price in a market to be below the equilibrium price,
A) there will be excess demand. B) there will be excess supply. C) the curves will shift to make a new equilibrium at the regulated price. D) None of the above.
If Congress reduced the period of patent protection from 20 years to 10 years, what would likely happen to the amount of private research and development?
A. Shorter patent protection would make innovation less lucrative, so the amount of research and development would likely decline. B. Companies would simply stop their research and development. because the cost is not worth the return. C. Companies would spend more on research because the patent period is shorter. D. Companies would not likely change their research and development amounts because they need innovation to survive.
A biennial budget: a. is more useful than an annual budget as a tool of discretionary fiscal policy
b. is implemented by the federal government, while an annual budget is implemented by state governments. c. would ensure that cabinet members spend more time on administering an approved budget and defending a proposed budget. d. would encourage cabinet members to focus more on running their agencies rather than being involved in budget deliberations. e. would require shorter-term economic forecasts than an annual budget.
Explain the difference between a change in quantity demanded and a change in demand
What will be an ideal response?