The temporary tax cuts of 2008 and 2009 were ineffective to boost the economy out of a recession.
Answer the following statement true (T) or false (F)
True
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Which of the following statements has been proposed as a benefit of passive policy making?
A) When using passive policy making there is no tradeoff between price stability and unemployment. B) Passive policy making allows for making immediate changes in response to an anticipated change in economic performance. C) Passive policy making utilizes the rational expectations hypothesis. D) Passive policy making does not wait for the time lag between recognition of a problem and policy action before engaging in economic policies to stabilize the economy.
Fiscal policy is implemented by
A) the central bank. B) private businesses. C) the Internal Revenue Service. D) the federal government.
The production possibilities frontier illustrates
a. the constant rate of technological progress. b. the fundamental concept of scarcity. c. the rapid growth of the U.S. economy. d. that guns always trade for butter.
Product% Change in Income% Change in Quantity DemandedW-1-1X+6+3Y-1+1Z+4+8Refer to the table above. Which product is most responsive to a change in income?
A. Product W B. Product X C. Product Y D. Product Z