The aggregate supply curve is
A) upward sloping.
B) downward sloping.
C) a vertical line.
D) a horizontal line.
E) U-shaped.
A
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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 country must have comparative advantage in a good in order to have absolute advantage in that good
Indicate whether the statement is true or false
In American politics, we often observe that during a campaign, the Democratic and Republican positions on many issues are similar, which illustrates
a. Arrow's impossibility theorem. b. the Condorcet paradox. c. a Borda count. d. the median voter theorem.
Explain how government policies that redistribute income from the rich to the poor might reduce efficiency