Keynesians believe in
a. active management of structural deficits an minimal cyclical deficits.
b. running structural budget deficits to stimulate output
c. running large surpluses during expansions.
d. active management of cyclical deficits and minimal structural deficits.
e. both c and d.
E
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If the government raises income taxes, then the labor
A) supply curve shifts rightward. B) demand curve shifts leftward. C) demand curve shifts rightward. D) supply curve shifts leftward. E) Both answers B and D are correct.
A graphical representation which shows the trade-off that occurs when more of one output is obtained at the sacrifice of another is called
A) a Laffer Curve. B) a production possibilities curve. C) a bell curve. D) a supply curve.
Higher inflation
a. causes firms to change prices less frequently and makes relative prices less variable. b. causes firms to change prices less frequently and makes relative prices more variable. c. causes firms to change prices more frequently and makes relative prices less variable. d. causes firms to change prices more frequently and makes relative prices more variable.
Refer to the data above. If disposable income is $550, we would expect consumption to be:
The table shows a consumption schedule.
A. $430
B. $450
C. $460
D. $470