In 1961, President John F. Kennedy, acting upon advice from his economists, proposed tax cuts. The advice he received
a. was opposed to the teaching of Keynes, who had taught that tax cuts were counterproductive.
b. was opposed to the teaching of Keynes, who had taught that all attempts to stabilize the economy were futile.
c. came from economists who had studied Keynes's ideas when those ideas were only a few years old.
d. came from economists who were unaware of Keynes's ideas because those ideas had not yet been widely disseminated at that time.
c
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What will be an ideal response?
Refer to Figure 12-2. What is the amount of profit if the firm produces Q2 units?
A) It is equal to the vertical distance c to g multiplied by Q2 units. B) It is equal to the vertical distance g to Q2. C) It is equal to the vertical distance c to Q2. D) It is equal to the vertical distance c to g.
The Fed's low short-term interest rate policy of 2002 to 2004 encouraged decision makers to
What will be an ideal response?
Harmonization of standards
A) is costly for high income countries. B) can reduce firm costs. C) is less difficult for dissimilar countries. D) is part of the race to the bottom.