9) 9) The government wants to encourage consumer spending through cutting income taxes

9) 9) The government wants to encourage consumer spending through cutting income taxes. This is an example of A) a supply-side policy. B) a monetary policy C) a fiscal policy. D) an incomes policy. 10) 10) A cash payment made by the government to people who do not supply goods, services or labor in exchange for the payment is a(n) A) "in kind" payment. B) transfer payment. C) budget deficit. 1) dividend payment. 11) 11) To get the economy out of a slump, Keynes belicved that the government should A) increase both taxes and government spending, B) decrease taxes and for increase government spending, increase taxes and/or decrease government spending, D) cut both taxes and government spending 12) 12) Macroeconomic policies became more influenced by Keynes' theories starting with A) the period of high unemployment and high inflation in the 1970s. B) the OPEC recession. the Great Depression. D) the period of high inflation in the early 1980s. 13) 13) Which of the following is an assumption used by Classical economists? A) Wages adjust upward but not downward. B) Wages adjust both upward and downward. C) Wages are inflexible. D) Wages adjust downward but not upward. 14) 14) According to Classical economists, if the quantity of labor demanded exceeds the quantity supplied, there is a A) surplus of labor and wages will rise. B) surplus of labor and wages will fall, shortage of labor and wages will rise. D) shortage of labor and wages will fall. 15) 15) The phrase used by Walter [leller to refer to the government's role in regulating inflation and unemployment is A) stagflation. B) market clearing. C) fine-tuning. D) price adaptation. 16) 16) The total market value of all final goods and services produced within a given period by factors of production located within a country is A) net national income. B) net national product gross national product. D) gross domestic product. 17) 17) Which of the following is not a component of gross domestic product? A) purchases by consumers of used goods B) purchases by consumers of finished goods govertinent purchases 1) net exports 2