The government wants to improve the irrigation system for farmers by setting up wells. The farmers, in return, would have to pay a sum of $100 each. Many farmers are aware that even if they do not pay, other farmers will pay for it and the required sum of money would easily be collected. This problem can be avoided by:
a. taking the help of the law
b. forming an association and putting social pressure to make sure all the farmers pay.
c. imposing an extra tax on the farmers who do not pay for the irrigation system.
d. preventing all the farmers from using the well.
b
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
A proprietorship is a firm with
A) two or more owners who both have unlimited liability. B) a single owner who has limited liability. C) a single owner who has unlimited liability. D) many owner all of whom have limited liability.
Suppose that real GDP grew more in Country A than in Country B last year
a. Country A must have a higher standard of living than country B. b. Country A's productivity must have grown faster than country B's. c. Both of the above are correct. d. None of the above are correct.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, a decrease in unemployment may be represented by the movement from
A. B to A. B. C to D. C. B to D. D. A to C.