According to your textbook authors, economics is generally
A) an unbiased science.
B) a method rather than a body of settled conclusions.
C) founded on the observation of data.
D) a false and misleading discipline.
B
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Which of the following is included in the investment component of GDP?
a. spending on new business equipment such as power tools and spending on stocks and bonds b. spending on new business equipment such as power tools but not spending on stocks and bonds c. spending on stocks and bonds but not spending on new business equipment such as power tools d. neither spending on new business equipment such as power tools nor spending on stocks and bonds
In December 2008, the Federal Reserve announced that it would take extraordinary measures to address the financial crisis in the economy. These measures include all of the followingexcept
A) buying mortgage-backed securities. B) buying long-term Treasury bills. C) creating other new credit facilities to make credit more easily available to households and small businesses. D) lowering the reserve requirement to encourage banks to create loans.
Which of the following is likely to shift the labor supply curve to the right, assuming all else equal?
A) A rise in the wage rate B) A fall in the wage rate C) A fall in the population of the country due to a natural disaster D) A rise in the immigration of workers in search of better work opportunities
When a good becomes more scarce, and the government prevents sellers from raising prices,
A) demanders are prevented from competing against one another to obtain the good. B) the opportunity cost to purchasers of obtaining the good will nonetheless rise as long as the quantity demanded is greater than the quantity supplied. C) the quantity purchased will be greater than the quantity supplied. D) there will be no rationing system to allocate the good among competing users.