In the United States, most income comes from
a. capital gains
b. stocks and bonds
c. providing labor resources
d. illegal transactions
e. government transfer payments
C
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The price elasticity of demand for a good measures the responsiveness of:
A. quantity demanded to a one percent change in price of that good. B. price to a one percent change in the demand for that good. C. price to a one percent change in the quantity demanded of that good. D. demand to a one percent change in price of that good.
What will be the result in a growing economy if increases in aggregate demand outpace rightward shifts of the long-run aggregate supply curve?
A) secular deflation B) inflation accompanied by declines in real GDP C) inflation accompanied by increases in real GDP D) a decline in consumption spending
Monetization of the deficit (or debt) means that
a. the government uses monetary policy to control the economy rather than fiscal policy. b. inflation accounting corrects for price increases. c. the Fed buys newly issued debt and increases the money supply. d. the amount of money in circulation is equal to the size of the debt.
Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure.
If Moe moves from Point A to point C, his grade in Physics will go down by ________ his grade in economics.
A. more than the decrease in B. more than the increase in C. less than the decrease in D. less than the increase in