For conservatives, the United States needs
a. an expanded public sector to protect consumers.
b. a smaller public sector and less regulation.
c. a larger tax rate and more government spending.
d. more public goods and services, such as national health care.
b
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If a good has an income elasticity of 0.18, then it is:
A. a normal good, and a necessity. B. a normal good, and a luxury good. C. an inferior good, and a necessity. D. an inferior good, and a luxury.
According to Keynesians, an increase in the money supply will have its least impact on GDP when the aggregate demand curve intersects:
a. the horizontal portion of the aggregate supply curve. b. the vertical portion of the aggregate supply curve. c. the upward sloping portion of the aggregate supply curve. d. either the horizontal or upward sloping portion of the aggregate supply curve. e. either the horizontal or upward sloping portion of the aggregate supply curve.
A firm facing a horizontal demand curve
a. cannot affect the price it receives for its output. b. always produces at an output at which P = MR. c. faces perfectly elastic demand for its product. d. All of the above are correct.
An advocate of supply-side fiscal policy would advocate which of the following?
A. imposition of new taxes on technological advances B. more regulation C. increase in resource prices D. reduction in taxes