The term "fiscal policy" refers to
a. the amount of physical output produced by firms
b. the means by which government policy makes firms more productive
c. the avenue by which government influences credit markets
d. spending and taxing by governments
e. a tool of government that works in the opposite direction of monetary policy
D
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If an external cost exists, then who bears the external cost in an unregulated competitive market transaction?
A) nobody B) the federal government C) someone other than the producers D) the buyers of the product
Which of the following statements about economic resources is true?
A) Economic resources include financial capital and money. B) All economic resources are man-made. C) Economic resources are also called factors of production. D) Economic resources are used only by businesses.