In 2009, Congress passed a bill that involved government spending increases and tax cuts with the purpose of stimulating the U.S. economy. This policy is an example of
A) an automatic stabilizer.
B) contractionary fiscal policy.
C) expansionary fiscal policy.
D) expansionary monetary policy.
C
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The producer surplus from a good is equal to the
A) maximum amount a consumer is willing to pay for the good minus the price that actually must be paid summed over the quantity sold. B) actual price of the good minus the maximum amount a consumer is willing to pay for the good. C) opportunity cost of producing the good minus its price summed over the quantity sold. D) price of the good minus its opportunity cost of production summed over the quantity sold.
Price discrimination occurs when a monopolist charges
a. both c and d b. different prices to different buyers for different products c. different prices to different groups of buyers, based on differences in the cost of providing the commodity to the buyer d. different prices to different groups of buyers for reasons unrelated to the cost of providing the commodity to the buyer e. all buyers the same price for the same product
In an equilibrium in otherwise identical markets, producer surplus is higher for a monopolist than for a competitive firm
Indicate whether the statement is true or false
Which one of these groups has the highest poverty rate?
A. The elderly B. Children C. White males over 50 D. Working class women