The goal of fiscal policy after the Great Depression was to:
a. balance federal budget
b. manipulate aggregate demand and supply to fight unemployment.
c. influence aggregate demand.
d. influence aggregate supply.
e. push the aggregate demand and supply curves to the right.
c
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The price elasticity of demand for corn is 0.4. A new hybrid of corn is discovered and all farmers start to use it, which increases the quantity of corn they can produce from each acre. What happens to the farmers' total revenue?
A) The total revenue will increase. B) The total revenue will decrease. C) The total revenue will not change. D) There is not enough information to determine what happens to the total revenue.
An increase in demand means that:
A. the demand curve has shifted to the right. B. price has declined and, therefore, consumers want to purchase more of the product. C. given supply, the price of the product will decline. D. the demand curve has shifted to the left.
For economic analysis, the short run is considered less than one year.
Answer the following statement true (T) or false (F)
Refer to the table above. If Jack has an annual income of $40,000, into which tax bracket does he fall?
A) 10% B) 15% C) 23% D) 30%