When are most economists less concerned or even quite supportive of larger budget deficits?
a. prior to an anticipated recession
b. during and immediately after a severe recession
c. during economic expansion
d. several years after economic recovery
b. during and immediately after a severe recession
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Use the figure below to answer the following question.
If actual production and consumption occur at Q1
A. economic surplus is maximized. B. missing surplus of b + d occurs. C. missing surplus of e + d occurs. D. consumer surplus is maximized.
When an individual's wage rises, the substitution effect tends to:
a. increase hours worked. b. decrease hours worked. c. leave hours worked unchanged. d. an impossible prediction about what will happen to hours worked.
For decision-making purposes, fixed costs incurred by a firm with market power are
A. not taken into consideration. B. the same as opportunity costs of production. C. the same as variable costs. D. the same as marginal costs.
Which amendment to the U.S. Constitution includes the privilege against self-incrimination?
A) First Amendment B) Second Amendment C) Fourth Amendment D) Fifth Amendment