When fiscal policy is used, time lags are variable and last anywhere from
A) one to three weeks.
B) one to three months.
C) one to three years.
D) one to three decades.
C
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The demand curve for the product of a monopolistically competitive firm slopes downward because
A) products are perceived by consumers as different. B) products are homogeneous. C) people only care about price when they buy a good. D) the firm's goal is to maximize profits.
Net tax is calculated by adding the amount collected as taxes by the government and the amount spent as transfer payments
a. True b. False Indicate whether the statement is true or false
A decrease in the equilibrium quantity for a product will result
A) when the quantity demanded for the product exceeds the quantity supplied. B) when there is a decrease in supply and a decrease in demand for the product. C) when there is an increase in supply and a decrease in demand for the product. D) when there is a decrease in demand and an increase in the number of firms producing the product.
If two countries are economically identical except that citizens in one country have more leisure time, then the level of GDP:
A. will be higher in the country with less leisure time. B. will be higher in the country with more leisure time. C. will be the same in both countries. D. will be greater than the level of economic well-being in each country.