Republicans often argue in favor of what to push the economy toward economic recovery, as they did during the recession that began in 2008?
A. Tax cuts
B. Increase government spending
C. Decrease government spending
D. Encourage the public to save more
A. Tax cuts
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During a time of high unemployment, a country can increase the production of one good or service
A) by using resources in the production process twice. B) without decreasing the production of something else. C) and must increase the production of something else. D) but must decrease the production of something else. E) but the opportunity cost is infinite.
Which of the following can prevent markets from reaching the efficient level of production? I. a monopoly II. taxes III. the product is a public good
A) I and II B) II C) II and III D) I, II and III
In the absence of government intervention, the marginal social cost of pollution abatement would equal its marginal social benefit
a. True b. False
Steak is a normal good. If the price of steak increases,
a. the income effect on the demand for steak will reinforce the substitution effect b. the income effect on the supply of steak will, to some extent, offset the substitution effect c. the budget line will rotate outward d. consumers' purchasing power will increase e. the budget line will shift outward