What is the economic way of thinking, and why is it important?
What will be an ideal response?
The economic way of thinking provides a framework for analyzing solutions to economic problems. Since economic problems confront all of us much of the time, knowledge of economics will enable one to arrive at better decisions, and enable one to evaluate many public policy questions in a systematic manner.
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All of the following could be covered by patent protection except
A) a newly discovered Beethoven symphony. B) a new variety of hybrid rose bush. C) a hydrogen fuel cell engine. D) a laser hair-removal device.
Dell computers has increased production efficiency by
A) producing output with fewer inputs. B) expanding the amount of inputs used. C) outsourcing production. D) relying on decreasing returns to scale.
Gross investment minus depreciation is equal to:
A. gross domestic product. B. net investment. C. personal investment. D. nominal investment.
The table below shows the cyclically adjusted budget deficit as a percentage of GDP over a five-year period.YearDeficit(-)11.5%21.432.041.851.5Refer to the above information. In which year was fiscal policy expansionary?
A. Year 3 B. Year 2 C. Year 4 D. Year 5