The $840 billion package of both spending increases and tax cuts passed in 2009 was known as ______.
a. the Affordable Care Act
b. the American Recovery and Reinvestment Act
c. the Kennedy Tax Cuts
d. the Reagan Growth Initiative
b. the American Recovery and Reinvestment Act
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The theory of investment that emphasizes the roles of real interest rates and taxes is known as the
A) multiplier model. B) accelerator model. C) Q-theory of investment. D) neoclassical theory of investment.
The national debt is the amount
A) by which government outlays exceed tax revenue in a given year. B) by which government tax revenue exceed outlays in a given year. C) of government outlays summed over time. D) of debt outstanding that arises from past budget deficits. E) of all future entitlement spending.
Which of the following describes comparative advantage?
A) To produce a bushel of wheat Farmer John must give up 2 bushels of corn whereas Farmer Ben must give up 3 bushels of corn. B) Company A can produce 4 boxes of cereal in a day whereas Company B can produce 5 boxes of cereal in a day. C) Firm A can produce a good at a cost of $3 and Firm B can produce the good at a cost of $4. D) Jane can type 50 words per minute and Joe can type 60 words per minute.
In deriving the aggregate demand curve a ________ inflation rate leads the central bank to ________ real interest rates, thereby ________ the level of equilibrium aggregate output
A) higher; raise; lowering B) lower; raise; lowering C) higher; lower; lowering D) higher; lower; raising