Actual federal budgets are not an accurate measure of discretionary fiscal policy because:
a. it is difficult to measure government spending accurately
b. people cheat on their income taxes.
c. budget deficits increase during expansions even without changes in fiscal policy.
d. budget deficits increase during recessions even without changes in fiscal policy.
e. earlier administrations may have contributed to current budget deficits.
d
Economics
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Suppose a war in the Middle East interrupts the flow of crude oil and oil prices skyrocket around the world. For economists, this historical episode serves as a
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The firm will rent more and more land until the rent and the ____ of the last unit of land hired are equal.
A. marginal physical product B. MRP C. output
Economics