Based on these graphs, the price level remains unchanged if the tax cut has ______ on both SRAS and AD.
a. no effect
b. a small effect
c. a moderate effect
d. a large effect
d. a large effect
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When the government's outlays equal its tax revenue, the budget
A) has a deficit and the national debt is increasing. B) has a deficit and the national debt is decreasing. C) is balanced and the national debt is not changing. D) has a surplus and the national debt is decreasing. E) has a surplus and the national debt is increasing.
Define public goods. Give an example of a public good. Explain why private firms will not generally produce public goods
What will be an ideal response?
From 1991 until 2001, the United States was in a period of
A) business cycle peaks. B) expansion. C) recession. D) business cycle troughs.
Determine the output expansion path (equation) for a Cobb-Douglas production function f(L,K) = 10LaK1-a. How does the shape of the output expansion path change as "a" changes?
What will be an ideal response?