The expenditure multiplier is equal to the change in ________ divided by the change in ________
A) dependent expenditure; autonomous expenditure
B) autonomous expenditure; equilibrium expenditure
C) the price level; real GDP
D) equilibrium expenditure; autonomous expenditure
E) real GDP; equilibrium expenditure
D
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Factors of production are the
A) goods and services produced by the economy. B) productive resources used to produce goods and services. C) goods that are bought by individuals and used to provide personal enjoyment. D) goods that are bought by businesses to produce productive resources. E) productive resources used by government to increase the productivity of consumption.
During the 1960s and early 1970s, economists believed that the Phillips curve indicated
a. that higher inflation was the price for more unemployment. b. that higher levels of employment could be achieved with lower inflation. c. a menu of choices for policy makers. d. All of the above are correct.
Complements
What will be an ideal response?
Based on annual before-tax incomes data, about how many percent of U.S. households had annual incomes of $100,000 or more in 2011?
A. 5 percent B. 10 percent C. 20 percent D. 33 percent