Congress commissioned a study to determine what the poverty level or minimum level for subsistence should be for the U.S. population. What branch of economics does this represent?
A) Normative economics B) Positive economics
C) Microeconomics D) Macroeconomics
Answer: A
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If the Fed reduces the supply of bank reserves, ________
A) investment increases B) consumption increases C) the federal funds rate increases D) the federal funds rate falls
The demand curve an individual competitive firm faces is known as its
A) excess demand curve. B) market demand curve. C) residual demand curve. D) leftover demand curve.
When income increases the slope of an individual's demand curve, the demand curve
a. turns positive. b. becomes undefined. c. remains negative. d. becomes infinite.
Expansionary fiscal policy
A) raises Real GDP more in an open economy than in a closed economy. B) raises Real GDP more in a closed economy than in an open economy. C) raises Real GDP equally in an open economy and in a closed economy. D) does not affect Real GD"P in an open economy.