Which of the following is not a basic decision that all nations must confront?
A. How should we produce goods and services?
B. Should we have economic growth?
C. For whom should goods and services be produced?
D. What goods and services should we produce?
Answer: B
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In computing the consumer price index, a base year is chosen. Which of the following statements about the base year is correct?
a. The base year is always the first year among the years for which computations are being made. b. It is necessary to designate a base year only in the simplest case of two goods; in more realistic cases, it is not necessary to designate a base year. c. The value of the consumer price index is always 100 in the base year. d. All of the above are correct.
When an effective minimum wage is introduced, the number of hours of labor employed is determined by the ____ and the _____.
Fill in the blank(s) with the appropriate word(s).
What is the most volatile category of GDP?
a. net exports b. consumption c. investment d. government purchases
In the short run, the aggregate supply curve is:
A. horizontal. B. downward sloping. C. upward sloping. D. vertical.