Which of the following government policies would most likely result in an increase in economic growth?
A) a decrease in the life of a patent from 20 years to 15 years
B) a decrease in government spending on grants issued through the National Institutes of Health
C) a decrease in the interest rate at which the government provides student loans
D) decreased copyright protection on music and movies
C
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
On the graph above, for a while after t = 0, the growth rate of output per worker is ________ the growth rate prior to time zero, and ________
A) below; rising B) below; falling C) above; constant D) above; falling
The winner's curse is more likely when the value of a good at auction is uncertain
a. True b. False
It has been recommended in Congress, on occasion, that the progressive income tax be converted into a proportional tax, with everyone paying the same tax rate. Is this a good proposal?
What will be an ideal response?