As long as the multiplier process is working, firms will meet additional demand without raising prices.
Answer the following statement true (T) or false (F)
False
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Both Social Security expenditures and the payroll tax receipts that finance them are treated as off-budget items
a. True b. False Indicate whether the statement is true or false
A restriction of imports that is accomplished by a quota normally
a. can be accomplished also by a tariff. b. cannot be replicated exactly by imposing a tariff. c. can be accomplished also by an export subsidy. d. can be accomplished also by negotiations within GATT.
The "incidence of a tax" is the term used to indicate
a. the responsibility for collecting the tax. b. who actually bears the tax burden. c. who the tax is initially levied on. d. the regressive rate structure of the tax.
Private ownership and competitive markets are important for economic growth because they provide individuals with a strong incentive to
a. care for resources and use them beneficially. b. innovate and introduce new products that are highly valued relative to their cost. c. produce goods efficiently. d. all of the above are correct.