Recessions occur at irregular intervals and are almost impossible to predict with much accuracy
a. True
b. False
Indicate whether the statement is true or false
True
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The graph shown demonstrates a tax on buyers. What is the amount of tax revenue being generated from the tax?
A. $72
B. $36
C. $48
D. $96
There is substantial agreement among scholars that at least two functions of government are legitimate. These two functions are the
a. protection of the rights of individuals to their person and property and the provision of goods that cannot easily be provided through markets. b. redistribution of income from some individuals to others and the waging of war to expand the nation's territory. c. production of postal services and cable television. d. taxation of goods that are generally considered immoral or bad and the regulation of large corporations.
If we observe that Jamie's budget constraint has moved outward, then we know for certain that
a. her income must have increased. b. she will be indifferent between goods X and Y. c. the price of one or both of the goods must have decreased. d. she can reach a higher indifference curve.
Which of the following likely occurs when households and firms become more pessimistic?
a. increased spending b. increased aggregate demand c. increased real GDP d. an increase in the unemployment rate