The idea that if governments cut taxes but not spending, people will not change their behavior, and expansionary policy will have little expansionary effect is known as:
A. Keynesian policy.
B. Ricardian equivalence.
C. the invisible hand.
D. Stimulus policy.
Answer: B
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When marginal product is negative, the slope of the total product curve must be negative
a. True b. False
Which of the following is not one of the four broad categories of resources?
A) labor B) money C) capital D) entrepreneurship E) land
Which of the following is not a short-run impact of increasing tariffs on the American industries they seek to protect?
a. government tax revenues increase b. domestic production and sales by the protected industries increase c. consumers' real incomes decrease d. total domestic and foreign sales of those products in the United States increase
Japan is the largest trading partner of the United States
Indicate whether the statement is true or false