Structural stagnation focuses on ________ in terms of understanding why the economy experiences slow growth.
A. low consumption
B. low government spending
C. low investment
D. globalization
Answer: D
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Suppose the supply of textbooks is upward sloping and shifts leftward due to higher ink and paper costs. Which of the following events would leave the equilibrium price of textbooks at the same level observed before the supply shift?
A) Demand is perfectly elastic (horizontal). B) Demand is downward sloping and shifts leftward. C) all of the above D) none of the above
Public choice analysis indicates that it will be politically more attractive to
a. enact restrictive fiscal policy during an economic expansion than to enact expansionary fiscal policy during a recession. b. enact expansionary fiscal policy during an economic expansion than to enact restrictive fiscal policy during a recession. c. enact expansionary fiscal policy during a recession than to enact restrictive fiscal policy during an economic expansion. d. raise taxes than to increase spending.
Minimum wages are:
A. not very controversial. B. only enforceable at the federal level. C. a form of government interference in the free market. D. always needed to guarantee workers an acceptable standard of living.
Competitive markets usually promote the efficient use of resources. This is because
A. resource owners bear the wealth effects of their decisions. B. markets usually make equitable choices first. C. consumers price makers D. managers always have the proper incentives to make decisions.