Employing the government budget diagram shown in Figure 5-1 above, assume that the economy is initially in equilibrium at point A. The movement A to D represents
A) an increase in government spending and/or a decrease in taxes.
B) a decrease in government spending and/or an increase in taxes.
C) a decrease in government spending and a decrease in taxes.
D) an increase in government spending and an increase in taxes.
B
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The above table shows the short-run total product schedule for the campus book store. What is the average product (AP) of the 4th employee?
A) 58 books sold B) 14.5 books sold C) 18 books sold D) 13.3 books sold
In their 1994 book, The Bell Curve, Murray and Herrnstein presented evidence that IQ is an important determinant of economic success
a. True b. False Indicate whether the statement is true or false
In 1862, the Homestead Act made land available to farmers at zero cost. Yet many farmers preferred to purchase land along the rail line from the railroad. The farmers
A. were duped by the railroads. B. knew the soil was better near the railroads. C. realized that crops would be less costly to grow and transport on land near the railroads. D. were exploited by the railroads.
How does the “invisible hand” work in a competitive market system?
What will be an ideal response?