Government policy concerning its spending and taxation is called
A. the quantity theory of money.
B. fiscal policy.
C. business cycles.
D. monetary policy.
B. fiscal policy.
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Consumer surplus is the difference between:
a. what the consumer is willing to pay and what the consumer must actually pay to receive a good or service. b. the quantity of goods a consumer is willing to buy and the quantity of goods the consumer actually buys. c. what the producer is willing to receive and what the consumer must actually pay to receive a good or service. d. the quantity of goods a producer is willing to and the quantity of goods the consumer actually buys.
If Chad's labor-supply curve is upward-sloping, then, for Chad,
a. an increase in the wage creates an income effect that is greater than the substitution effect. b. an increase in the wage creates a substitution effect that is greater than the income effect. c. leisure and consumption are perfect substitutes. d. leisure and consumption are perfect complements.
As the area between the Lorenz curve and diagonal gets larger, the Gini ratio:
A. Rises to reflect greater equality B. Rises to reflect greater inequality C. Falls to reflect greater inequality D. Falls to reflect greater equality
A fall in the value of the pound is likely to decrease spending on imports if: