For liberals, the United States has a(n)
a. public sector that is too large.
b. private sector that is too small.
c. economy that is too heavily regulated.
d. public sector that is too small.
d
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If short-run equilibrium output equals 20,000 and potential output (Y*) equals 25,000, then this economy has a(n) ________ gap that can be closed by ________.
A. expansionary; increasing government purchases B. expansionary; increasing transfer payments C. recessionary; increasing taxes D. recessionary; increasing government purchases
Even if a tax imposed in a market generates a loss in surplus for the participants in that market, the tax could still increase economic efficiency if:
A. the government needs to generate tax revenue. B. the public expenditures financed by the tax lead to a big enough increase in economic surplus. C. the tax revenue is used to fund spending by local governments. D. voters approve of the tax.