Like Franklin D. Roosevelt (1933–45), William J. Clinton's (1993–2001) deficit-reducing tax hikes pushed the economy into a recession
Indicate whether the statement is true or false
False (Only FDR's tax hikes resulted in a recession.)
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
A labor force survey in Brownland records the following data:
Employed: 189,000 Unemployed: 15,000 Not in the labor force: 84,000 a) Calculate the unemployment rate. b) Calculate the labor force participation rate.
A market structure in which many firms compete by making similar but slightly different products is called
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
New reports indicate that eating turnips helps people remain healthy. The news shifts the demand curve for turnips rightward. In response, new farms enter the turnip industry
During the period in which the new farms are entering, the price of a turnip ________ and the economic profit of each existing firm ________. A) rises; rises B) rises; falls C) falls; rises D) falls; falls