In every economy people vie for the economy's rationing device, a process called
A) competition.
B) entrepreneurship.
C) marginal benefit.
D) positive economics.
A
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Refer to Table 27-4. Consider the hypothetical information in the table above for potential real GDP, real GDP, and the price level in 2016 and in 2017 if Congress and the president do not use fiscal policy
If Congress and the president use fiscal policy successfully to keep real GDP at its potential level in 2017, which of the following will be lower than if Congress and the president had taken no action? A) potential GDP and the inflation rate B) real GDP and the unemployment rate C) real GDP and potential GDP D) real GDP and the inflation rate
The distinction between microeconomics and macroeconomics is
A) clearly drawn, and there is no overlap between them. B) determined by economists in a clear and concise manner. C) narrowly drawn, and microeconomic analysis often relies on macroeconomic tools. D) often blurred because aggregates are made up of individuals and firms.
The confidence interval for the sample regression function slope
A) can be used to conduct a test about a hypothesized population regression function slope. B) can be used to compare the value of the slope relative to that of the intercept. C) adds and subtracts 1.96 from the slope. D) allows you to make statements about the economic importance of your estimate.
An efficient economy is one that produces what consumers demand and does so at the least possible cost.
Answer the following statement true (T) or false (F)