The largest expenditure component of the federal budget is spending on
A) the military. B) foreign aid.
C) environmental protection programs. D) entitlement programs.
D
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Contractionary monetary policy should initially change gross investment by ________.
A. enough to reach full employment B. more than necessary to reach full employment C. an amount determined by the money multiplier D. less than necessary to reach full employment
Refer to Table 2-11. South Korea has a comparative advantage in the production of
A) digital cameras. B) wheat. C) both products. D) neither product.
For a given shift of the aggregate demand curve, the steeper the short-run aggregate supply curve, the larger the change in real GDP
a. True b. False Indicate whether the statement is true or false
Which of the following will result in an outward shift of the production possibilities curve [PPC]?
a. A decrease in the quantity of resources b. An improvement in the quality of resources c. A fall in education standards d. An unsustainable growth in population e. An increase in unemployment rate