The work effect is a basic assumption of the ________ school; it states that ___________.
Fill in the blank(s) with the appropriate word(s).
supply-side; high tax rates hurt the incentive to work and cutting them would induce people to work more
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Explain the difference between a positive production externality and a positive consumption externality
What will be an ideal response?
The government's decision to come to the aid of farmers was made, in part, because the government feared that
a. farms were becoming too large and inefficient as a result of continuous changes in farm technology b. because food prices had become so high, low-income families were unable to maintain a minimal nutritional diet c. falling farm prices would depress the farm economy and that depression would spread to other sectors of the economy d. price supports would distort farm prices e. insufficient food supplies would be produced to feed a growing population