Land, labor, and money are the three categories of economic resources
a. True
b. False
B
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Ignoring any supply-side effects, to close a recessionary gap of $100 billion with a government expenditure multiplier of 5, the government could
A) increase government expenditure on goods and services by $100 billion. B) raise taxes by $100 billion. C) increase government expenditure on goods and services by $20 billion. D) raise taxes by more than $20 billion. E) decrease government expenditure on goods and services by $20 billion.
Under monopolistic competition ________
A) many goods and services are not standardized B) prices adjust slowly to equilibrium C) even if there is substantial competition in the market, some firms can set prices D) all of the above E) none of the above
If high incomes inspire more saving than low incomes ________
A) the average propensity to consume falls as income rises B) the marginal propensity to consume rises as income rises C) autonomous consumption falls as income rises D) the average propensity to consume rises as wealth rises
From 1800-1860 which part of the nation most supported high tariffs?
a. Southeast. b. New England. c. Southwest. d. Far Western States.