Economic growth takes place
A) only if the price level is constant or rising.
B) when aggregate demand decreases.
C) only when both aggregate demand and aggregate supply increase.
D) when aggregate supply increases.
D
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If the consumption function is defined as C = 7,250 + 0.8Y, what is the multiplier?
A) 0.2 B) 0.8 C) 1.25 D) 5
On a Phillips curve diagram, a decrease in the rate of inflation, other things being equal, is represented by a(n):
a. upward movement along the Phillips curve. b. downward movement along the Phillips curve. c. upward shift of the Phillips curve. d. downward shift of the Phillips curve.
Great Basin National Park, the only national park wholly within the borders of Nevada, occupies 77,180 acres and contains 42 known caves. About 90,000 people visit the park each year. It has 25 permanent staff who, with the seasonal staff, collect $280,00 in fees a year, mostly for the 2,400 cave tours. The park also has about 80 volunteers who contribute 9,400 hours of work a year. Because the park surveys for springs in the 25 watersheds, the park service does not burn any acreage, which is part of standard maintenance in some parks.Some of the data are flow measurements and some are stock measurements. An example of a flow measurement is:
A. caves in the park. B. staff positions in the park. C. cave tours given. D. acres in the park.
If your business earns $10,000 in revenues, has explicit costs of $8,000, and implicit costs of $5,000, your economic profit is
A) $2,000. B) -$3,000. C) $5,000. D) $3,000.