The total of all planned real expenditures in the economy is called
A. aggregate consumption.
B. aggregate GDP.
C. aggregate spending.
D. aggregate demand.
Answer: D
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Prices usually allocate resources efficiently because they allocate
A. consumption to the highest cost of good or service. B. resources to the lowest value good or service. C. consumption to the lowest value good or service. D. resources to the highest value good or service.
Wichita is building a convention center and financing it with revenues raised from a city hotel tax. Local politicians assert that the convention center is essentially free for Wichita residents because out-of-town visitors are paying for it
Someone who is practicing the economic way of thinking would disagree because A) they believe that Wichita does not need a new convention center. B) there are other projects that could be undertaken with the tax funds. C) the convention center may not pass a marginal cost-benefit test. D) the hotel tax may lead to a decline in visits to Wichita. E) the hotel tax may reduce commercial property values in the area.
The sale of $1 billion of securities to a bank or some other business by the Fed is an example of
A) a last resort loan. B) a multiple contraction of the quantity of money. C) an open market operation. D) a change in the required reserve ratio.
The unemployment rate will decrease whenever there is a(n) _____
a. increase in the number of persons classified as unemployed b. decrease in the number of unemployed persons relative to the size of the labor force c. decrease in the size of the population and no change in the number of persons classified as employed d. reduction in the size of the labor force e. decrease in the number of unemployed persons and no change the population