The devastation of Hurricane Sandy reduced GDP.
Answer the following statement true (T) or false (F)
False
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
If income increases by $100 and saving increases by $25, the slope of the consumption function equals _____
a. 1/4 b. 1/5 c. 1/2 d. 3/4 e. 3/5
Specialized investments:
A. cause managers to shirk. B. are equally valuable in any productive use. C. result in relationship-specific exchange. D. make spot exchange efficient.
Which of the following is a problem inherent in centrally planned economies?
A) Households and firms make poor decisions in choosing how resources are allocated. B) There is too little production of low-cost, high-quality goods and services. C) Production managers are more concerned with satisfying consumer wants than with satisfying government's orders. D) Exports tend to exceed imports.