A rightward shift in a demand curve and a leftward shift in a supply curve both result in a
A. Higher equilibrium price.
B. Lower equilibrium price.
C. Lower equilibrium quantity.
D. Higher equilibrium quantity.
Answer: A
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Keynes believed that changes in autonomous spending were dominated by unstable fluctuations in ________, which are influenced by emotional waves of optimism and pessimism—factors he referred to as "animal spirits."
A) unplanned investment spending B) actual investment spending C) planned investment spending D) autonomous consumer expenditures
What time period in U.S. history do we generally recognize as the peak of labor union membership?
A) 1900s-1920s B) 1920s-1940s C) 1940s-1970s D) 1970s-2000s
Answer the following statement(s) true (T) or false (F)
1. Most studies suggest the economic effects of climate change on the U.S. economy will be relatively small. 2. The U.S. federal government has enacted a nationwide carbon tax to reduce carbon dioxide emissions. 3. According to the U.S. Supreme Court, greenhouse gases are a pollutant, as defined by the Clean Air Act. 4. In the EU-ETS allowance market, the price of an allowance can be affected by the state of the economy. 5. Renewable energy certificates are market instruments that represent the displacement of power generated by fossil fuels, an outcome that helps to reduce GHG emissions.