Which of the following is most likely to help the residents of a nation produce more goods and services and achieve higher income levels?
A) a smaller trade sector
B) a higher rate of investment
C) higher tax rates
D) greater use of taxation to transfer income from the rich to the poor
B) a higher rate of investment
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If the demand curve shifts outward and the supply curve remains the same, price will fall.
Answer the following statement true (T) or false (F)
Refer to Figure 17-2. Suppose the economy is at point B in the figure above. Which of the following is true?
A) The economy is producing at potential GDP. B) The current unemployment rate is 5%. C) Expected inflation and actual inflation are the same. D) The expected rate of inflation is 3%. E) The natural rate of unemployment is 3.8%.
If income increases, then with regard to expensive cuts of steak, it is likely that the demand curve:
a. shifts to the right. b. shifts to the left. c. becomes steeper. d. does not change. e. becomes flatter.
Which of the following groups had the highest median income in the U.S. in 2008?
A. Hispanic B. White (non-Hispanic) C. Asian D. Black