If a government raises its expenditures by $50 billion and at the same time levies a lump-sum tax of $50 billion, the net effect on the economy will be to:
A. Increase GDP by less than $50 billion
B. Increase GDP by more than $50 billion
C. Increase GDP by $50 billion
D. Make no change in GDP
C. Increase GDP by $50 billion
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The term "tragedy of the commons" describes:
a. how communal ownership of property leads to overuse and speedy exhaustion of resources. b. the very difficult circumstances that the every-day citizens faced when the first arrived in colonial America. c. how collective ownership of property produces a greater incentive for people to shirk, or work less than they otherwise would. d. how establishing governments was very difficult in the initial settlements.
Which of the following is not an example of a market?
a. A small town has only one seller of electricity. b. In the United States, a sick person cannot legally purchase a kidney. c. In Florida, there are many buyers and sellers of key lime pie. d. The availability of Internet shopping has expanded the clothing choices for buyers who do not live near large cities.
The presence of discouraged workers causes the measured unemployment rate to be:
What will be an ideal response?
The American Federation of State, County, Government and Municipal Employees is an example of a(n)
A) guild. B) craft union. C) industrial union. D) public-sector union.