Total planned expenditure is composed as
a. planned investment.
b. planned government spending and taxes.
c. total investment, total consumption, and government spending.
d. planned investment, planned government spending, and planned taxes.
D
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A market economy benefits from market power
A) if the majority of the population are entrepreneurs. B) if firms with market power do research and development with the profits earned. C) if market power gets so bad the government creates public enterprises. D) under no circumstances.
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher