During the recession of 2001,
a. there were a number of proposals for tax increases or spending cuts to stir the economy, but they failed due to worries about their effects on the already large deficit.
b. a series of tax cuts were passed, though they only occurred in late 2001.
c. all the proposed tax and spending cuts were approved in order to motivate the economy and reduce the large deficit.
d. the cyclical deficit increased but the structural deficit remained unchanged.
e. None of the above
B
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Which of the following would increase the value of the dollar in the long run?
A) a decrease in U.S. tariffs on foreign goods B) an increase in the demand for American goods relative to goods from other countries C) an increase in inflation in the United States relative to other countries D) an increase in the supply of dollars on the foreign exchange market
If aggregate demand is $2,000 billion and aggregate supply is $2,300 billion, the price level will rise.
Answer the following statement true (T) or false (F)
Economic regulation is government policy designed to
a. improve health and safety in products and in working conditions b. prevent firms from monopolizing or developing a cartel in existing competitive markets c. eliminate existing monopolies by breaking them apart into many smaller firms d. create monopolies by forcing competitive firms to merge e. control price and output in industries where monopoly is desirable
Martha lives near a paper mill. If she is concerned about the effects of the air pollution from the plant, she should contact which regulatory agency?
A. Consumer Product Safety Commission (CPSC) B. Environmental Protection Agency (EPA) C. Food and Drug Administration (FDA) D. Occupational Safety and Health Administration (OSHA)