Define the following terms:
a.
Recession
b.
Mixed economy
c.
Transfer payments
d.
Progressive taxation
What will be an ideal response?
| a. | A recession is a period of time during which the total output of the economy falls. |
| b. | A mixed economy is one with some public influence over the workings of free markets. There may also be some public ownership mixed in with private property. |
| c. | Transfer payments are sums of money that certain individuals receive as outright grants from the government rather than as payments for services rendered. |
| d. | A tax is progressive if the ratio of taxes to income rises as income rises. |
Economics
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The AD curve is:
A. the combination of money and velocity growth rates that add up to a constant amount. B. the combination of inflation rates and real growth rates that add up to a constant amount. C. vertical at the economy's long-run real GDP growth rate. D. horizontal at the economy's long-run inflation rate.
Economics
Agriculture's share of total output in the U.S. has declined throughout the 20th century, although the absolute value of farm output has increased. The number of U.S. farms grew in the early part of the century, then began to steadily fall. The number of U.S. farms peaked in which of the following decades?
a. 1910–1919 b. 1970–1979 c. 1930–1939 d. 1950–1959 e. 1980–1999
Economics