As a general rule, a recession is a decline in real GDP lasting at least:
a. one year.
b. six months.
c. three months.
d. one month.
b
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There is greater support for active policymaking when
A) price flexibility is common. B) wage flexibility is common. C) pure competition is widespread. D) none of the above.
Which of the following statements is true?
a. Specialization and trade along the lines of comparative advantage allows nations to consume more than if they were to produce just for themselves. b. Free trade theory suggests that when trade takes place any gains made by one nation comes at the expense of another. c. According to the theory of comparative advantage, a nation should specialize in the production of those goods for which it has an absolute advantage. d. All of these.
Refer to the information provided in Table 24.6 below to answer the question(s) that follow.Table 24.6All Figures in Billions of Dollars
Refer to Table 24.6. If taxes are reduced from $100 billion to $50 billion and government spending is reduced from $200 billion to $150 billion, the new equilibrium level of income
A. is $3,550 billion. B. is $3,350 billion. C. is $1,600 billion. D. cannot be determined from this information.
If giving to public goods is subsidized through deductions under a progressive income tax, the government subsidizes public goods consumed by higher income individuals at greater rates than public goods consumed by lower income individuals.
Answer the following statement true (T) or false (F)