Returns to scale measures how much distance there is between the ________ when there is a uniform increase in the inputs
Fill in the blank(s) with the appropriate word(s).
Answer: isoquants
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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
Efficiency is the condition in which the economy is producing what people want at the least possible cost.
Answer the following statement true (T) or false (F)
Federal Spending in 2016 was
A. $4 billion. B. $400 trillion. C. $40 trillion. D. $4 trillion.
Other things being equal, if the government tries to stimulate the economy through tax cuts, the government deficit will decrease.
Answer the following statement true (T) or false (F)