Fiscal policy refers to changes in
A) the money supply and interest rates that are intended to achieve macroeconomic policy objectives.
B) federal taxes and purchases that are intended to fund the war on terrorism.
C) state and local taxes and purchases that are intended to achieve macroeconomic policy objectives.
D) federal taxes and purchases that are intended to achieve macroeconomic policy objectives.
D
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The market mechanism is more efficient in allocating resources between time periods than it is in allocating resources among different industries.
Answer the following statement true (T) or false (F)
Use the following diagrams for the U.S. economy to answer the next question.
Which of the diagrams best portrays the effects of an increase in resource productivity?
A. Graph (1) B. Graph (2) C. Graph (3) D. Graph (4)