Fiscal policy used to close a recessionary gap is known as _____
Fill in the blank(s) with the appropriate word(s).
expansionary fiscal policy.
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The short-run aggregate supply curve slopes: a. downward because firms can sell more, and hence, will produce more when prices are lower
b. downward because firms find it costs less to purchase labor and other inputs when prices are lower and hence, they produce more. c. upward because firms normally can purchase some labor and other inputs at fixed costs for some period of time. d. upward because firms find that it costs more to purchase labor and other inputs when prices are higher and hence they must produce and sell more in order to make a profit.
Answer the following statement(s) true (T) or false (F)
In the United? States, a patent gives the inventor of a product the exclusive right to? make, use, or sell the product for 50 years.
For a hotdog vendor, the hotdog stand represents his
A. diseconomies of scale. B. fixed input. C. variable input. D. none of these.
The age-earning cycle predicts that a typical person will
A. be earning the lowest income right before retirement. B. be earning the highest income right before retirement. C. be earning $50,000 in the year 2010. D. be earning the highest income at about the age 45-50.