From 1973 to the early 1990s, U.S. productivity __________________.
Fill in the blank(s) with the appropriate word(s).
declined/slowed down
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Income tax acts as a shock absorber because
A. it makes disposable income, and thus consumer spending, less sensitive to fluctuations in GDP. B. it makes disposable income, and thus consumer spending, more sensitive to fluctuations in GDP. C. it makes disposable income, and thus consumer spending, independent of fluctuations in GDP. D. none of these.
There is an increase in incomes. What happens in the market for steak?
A) The equilibrium price falls, and the equilibrium quantity rises. B) The equilibrium price rises, and the equilibrium price falls. C) The equilibrium price and quantity rise. D) The equilibrium price and quantity fall.
"Because of unseasonable cold weather, much of the peach crop has been destroyed." This statement indicates that the:
A. price of peaches will fall. B. quantity of peaches that will be available at any given price has decreased. C. demand for peaches will shift to the left. D. quantity of peaches that will be available at any given price have increased.
For developed countries, more price supports and subsidies are provided to agriculture worldwide than to any other sector of the economy.
Answer the following statement true (T) or false (F)