If the economy dips into a recession
A. automatic stabilizers will cause tax receipts to fall and transfer payments to rise.
B. automatic stabilizers will cause tax receipts to rise and transfer payments to fall.
C. discretionary fiscal policy will generate increased transfer payments and lower tax receipts.
D. discretionary fiscal policy will reduce government outlays and increase tax receipts.
A. automatic stabilizers will cause tax receipts to fall and transfer payments to rise.
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Whether studying the output of the U.S. economy or how many classes a student will take, a unifying concept is that:
A. wants are limited and resources are unlimited, so trade-offs are unnecessary. B. both wants and resources are unlimited. C. wants are limited and resources are unlimited, so trade-offs have to be made. D. wants are unlimited and resources are scarce, so trade-offs have to be made.
Which of the following industries would be considered to have a capital intensive production process?
A. Serving food at a restaurant. B. Creating a hand-crafted wine. C. Farming in a rich country D. Creating a painting.