In order to pass any fiscal policy measure we need a
A. two-thirds vote in both houses of Congress and the bill signed by the President.
B. a majority vote in both houses of Congress and the bill signed by the President.
C. a two-thirds vote in either house.
D. a majority vote in either house.
B. a majority vote in both houses of Congress and the bill signed by the President.
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
The impact of an increase in the wage rate on labor supply will be represented by ________, assuming all else equal
A) a rightward shift of the labor supply curve. B) a leftward shift of the labor supply curve. C) an upward movement along the labor supply curve. D) a downward movement along the labor supply curve.
Wal-mart
(a) is the railroad of the late nineteenth century. (b) provides an example of how one large business enterprise still can seize market power to restrict entry and exit. (c) holds monopoly power in retail. (d) exists at the expense of consumers.
The income elasticity of demand for low-quality beef is -2. Thus, a 5% increase in the quantity of low-quality beef demanded
A. is the result of a decrease in income of 10%. B. is the result of a decrease in income of 2.5%. C. is the result of an increase in income of 2.5%. D. is unrelated to any change in income.