We know that negative returns have set in when ______.
Fill in the blank(s) with the appropriate word(s).
total output declines (marginal output turns negative)
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Failure to pay back a loan:
a. collude b. collateral c. default d. accelerate
President Reagan believed that the tax cuts of 1981 would stimulate the economy because the
a. marginal tax rates were too high, causing production costs to be too high, curbing production b. marginal tax rates were too high, causing production to be curbed by lack of demand c. marginal tax rates were too high, creating a disincentive effect on production d. marginal tax rates were too low, causing government revenues to fall, creating deficit spending and crowding out e. marginal tax rates were too low, causing government revenues to rise, creating surpluses that curbed overall production