The term government failure refers to the
What will be an ideal response?
Marginal benefits versus costs of government policy and action
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Involuntary part-time workers are workers who
A) work less than 35 hours but would like to work full time. B) work more than 35 hours but would like to work less than 35 hours. C) work have lost their jobs within the last four weeks and are seeking another job. D) work less than 35 hours by choice. E) have withdrawn from the labor market.
Economics is as much art as it is science
a. True b. False
Everything else equal, the AC curve will shift when
a. the price of the product rises. b. technical change raises the MPP of one input. c. output is increased. d. increasing returns to scale are present.
The multiplier helps explain
A. why an increase in disposable income causes real Gross Domestic Product (GDP) to rise by less than the amount of the increase in disposable income. B. why a decrease in taxes causes real Gross Domestic Product (GDP) to fall by more than the amount of the decrease in taxes. C. why a rise in government expenditures causes real Gross Domestic Product (GDP) to rise by more than the amount of the increase in government spending. D. why a fall in investment cause real Gross Domestic Product (GDP) to rise by more than the amount of the decrease in investment.