Even economists who advocate small government agree that national defense is a good that the government should provide
a. True
b. False
Indicate whether the statement is true or false
True
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The level of output when there is full employment is called actual GDP
Indicate whether the statement is true or false
Briefly describe why some economists prefer a value-added tax (VAT) to an income tax
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
Refer to the information provided in Figure 33.4 below to answer the question(s) that follow.
Figure 33.4Refer to Figure 33.4. The domestic price of a leather wallet is $20. With free trade the price of a leather wallet is $10 and after a tariff is imposed the price is $15. After the tariff is imposed
A. domestic production will increase by 50 wallets and domestic consumption will decrease by 50 wallets. B. domestic production will increase by 100 wallets and domestic consumption will decrease by 100 wallets. C. domestic production and consumption will increase by 50 wallets and domestic consumption will increase by 50 wallets. D. domestic production will increase by 150 wallets and domestic consumption will decrease by 250 wallets.