If leisure were an inferior good, then labor supply curves
a. would all be negatively sloped.
b. would all be positively sloped.
c. would all be vertical.
d. could still be positively or negatively sloped.
b
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Which of the following is NOT a characteristic of populist regimes?
A) Nationalistic ideologies B) Focus on economic growth C) Focus on income redistribution D) Using economic tools to reach specific goals regarding labor, the orientation of business or the role of foreigners E) Focus on controlling inflation
Once either expansionary or contractionary fiscal policy has been undertaken,
A) aggregate demand will respond quickly and the problems in the economy will be corrected. B) aggregate demand will respond quickly in the short run but the economy will not improve in the long-run. C) a time lag exists between implementation and the results of the policy. D) taxes will need to be adjusted because of the recognition time lag.