Which of the following are accurate arguments suggesting that the fiscal stimulus did work?
A. Real GDP growth moved from negative to positive in 2009.
B. Employment increased in 2009.
C. The economy has natural self-correcting mechanisms.
D. The return on bailout assets reduced the deficit.
Answer: A
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Tom and Di grow tomatoes and turnips. Tom has a comparative advantage in growing tomatoes if ________
A) Tom can grow more tomatoes than Di can B) his opportunity cost of tomatoes is less than Di's opportunity cost of tomatoes C) his opportunity cost of tomatoes is less than his opportunity cost of turnips D) his marginal benefit from tomatoes is greater than Di's
What is the type of economic system that relies on one central authority to make economic decisions?
A. command and control B. mixed economic system C. price system D. free market
If an up-scale jewelry maker sells its products to retailers with the explicit condition that the retailers may not resell the products below a specified price, the jewelry maker is likely concerned about ________.
A) output restrictions B) market division C) its reputation D) price fixing