Expansionary policy that followed the 2008 recession:
A. did not reduce unemployment as much as desired.
B. led to higher inflation rates than expected.
C. did not reduce the trade deficit as much as desired.
D. led to higher growth rates than expected.
Answer: A
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When the top marginal tax rate fell from 40 to 35 percent, with other things the same, the U.S. income tax system became:
A. more progressive. B. regressive. C. proportional. D. less progressive.
Fire protection and police protection may be provided more efficiently by the private sector than by the public sector.
Answer the following statement true (T) or false (F)
The word "util" has been used by economists in the past as an objective measure of utility. Today economists believe that
A) utility cannot be measured objectively. B) utility can be measured objectively because people can use prices of different goods to measure utility. C) all of the important conclusions of the economic model of consumer behavior depend on utility being measured objectively. D) the util truly is an objective, rather than a subjective, measure of utility.
Answer the following statements true (T) or false (F)
1. There is unanimous agreement that economic growth is both desirable and sustainable. 2. In the growth debate, defenders of economic growth believe that it is the primary path to raising living standards. 3. In the growth debate, critics of economic growth say that it will deplete our finite economic resources. 4. In the growth debate, critics of economic growth define "making a better living" as identical to the good life