Government spending programs that create jobs are often popular because
a. the created jobs are highly visible, while the secondary effects of lost jobs in other areas, higher interest rates, and higher future taxes are less visible.
b. if a spending program is approved by Congress, it means that the value of what is produced is greater than the value of the resources used to produce it.
c. the benefits of job creation are always greater than the costs. Jobs are the key to economic progress.
d. when spending programs are funded by
a. the created jobs are highly visible, while the secondary effects of lost jobs in other areas, higher interest rates, and higher future taxes are less visible.
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Assume two firms have the same total costs of production. Firm A's average variable cost if $5 per unit and firm B's average variable cost is $7 . Both firms have an average total cost of $8
If the current market price is $6 and remains unchanged what action will both firms take in the short run and the long run?
Figure 13-2
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In Figure 13-2, which of the graphs represents a monopolistic competitor in long-run equilibrium?
A. 1 B. 2 C. 3 D. 4
Commitment devices are:
A. methods to increase the price of your vices. B. successful whether weak or strong, depending on the situation. C. methods to lower the price of your virtues. D. All of these statements are true.
One way the government can boost the economy out of a recession is:
A. with public announcements telling the public to save their money. B. by increasing government spending. C. by setting price ceilings on most goods so people can afford them. D. None of these will help an economy in recession.