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ECON1- quiz32

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i and iii10.An increase in taxes on labor income shifts the labor supply curve ________ and the ________.A.leftward;beforeminus−taxwage rate does not changeB.leftward;afterminus−taxwage rate risesC.leftward;afterminus−taxwage rate fallsD.rightward;beforeminus−taxwage rate risesE.leftward;afterminus−taxwage rate does not change11.The magnitude of the government expenditure multiplier is ________ the magnitude of the tax multiplier.

A.not comparable toB.greater thanC.equal toD.less thanE.greater than for expansionary policy and less than for contractionary policy12.The government has a budget surplus ifA.a fiscal stimulus is being used to combat a recession.B.the budget is balanced.C.there is no national debt.D.government outlays are greater than tax revenue.E.tax revenue is greater than outlays13.The structural deficit is the deficitA.during an expansion.B.during a recession.C.caused by the business cycle.D.that would occur at full employment.E.

that does not increase the national debt.14.Discretionary fiscal policy is defined as fiscal policyA.left to the discretion of military authorities.B.initiated by a Presidential proclamation.C.initiated by an act of Congress.D.with multiplier effects.E.triggered by the state of the economy.15.When taxes are cut, aggregate demand ________ and aggregate supply ________.A.increases; decreasesB.increases; does not changeC.decreases; decreasesD.decreases; increasesE.increases; increases

 
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