"Reagonomics" was consistent with supply-side economics except for the fact that it
a. pushed for lower money growth.
b. called for higher total government spending.
c. pushed for tax cuts.
d. pushed for reductions in nonmilitary government spending.
B
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Outputsinclude goods but not services.
Answer the following statement true (T) or false (F)
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Since 1980, the percentage of part-time workers who are part time for economic reasons
A) has steadily decreased. B) has steadily increased. C) at first increased, then generally decreased. D) generally increased in recessions and decreased in expansions. E) has remained approximately constant.
________ in taxes will decrease consumption spending, and ________ in transfer payments will increase consumption spending
A) A decrease; a decrease B) An increase; an increase C) An increase; a decrease D) A decrease; an increase