There is widespread agreement across the political spectrum that the only way to break the cycle of poverty and welfare dependency is to
A. provide abortion on demand.
B. put every able-bodied person to work.
C. enact a negative income tax.
D. throw everyone off welfare.
B. put every able-bodied person to work.
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Whenever a firm is making positive economic profit, there is nothing it can do to make more profit.
Answer the following statement true (T) or false (F)
In the open-economy ISLM model, the goods market equilibrium condition is
A) output = consumption + investment + government spending. B) output = consumption + investment + government spending - tax. C) output = consumption + investment + government spending + net export. D) output = potential output.
The IS curve shows the combinations of ________ and ________ where the goods market is in equilibrium
A) aggregate expenditure; real GDP B) the real interest rate; real GDP C) potential GDP; aggregate expenditure D) the nominal interest rate; the quantity of money
In recent years, which of the following has comprised less than 5% of GDP?
A) imports B) exports C) net exports D) none of the above