From the late 1990s through the first 3 or 4 years of this decade, _____ has been caught in a liquidity trap.
Fill in the blank(s) with the appropriate word(s).
Japan
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The existence of automatic stabilizers will
A) cause the effects of shocks to aggregate demand to have a larger effect on GDP. B) reduce the recognition lag of discretionary fiscal policy. C) eliminate recessions. D) reduce the size of recessionary and inflationary gaps.
The figure above shows the market for milk in Cowland. A subsidy paid to producers of $1 per gallon of milk is introduced. If there are no external costs and no external benefits, the marginal benefit of the last gallon of milk consumed is
A) $3.50 a gallon. B) $4.00 a gallon. C) $4.50 a gallon. D) $5.00 a gallon.
Under long-run equilibrium in perfect competition, each firm operates at the minimum point of its average-variable-cost curve
a. True b. False Indicate whether the statement is true or false
The law of increasing opportunity costs is reflected in a production possibilities curve that is:
A. an upsloping straight line. B. a downsloping straight line. C. bowed out from the origin. D. bowed in toward the origin.