The four somewhat overlapping theories of how the entrepreneur is able to earn a profit are: (1) ___________; (2) ___________; (3) ___________; and (4) ____________.
Fill in the blank(s) with the appropriate word(s).
a reward for innovations; a reward for risk taking; monopoly profit; exploitation of labor
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The demand curve displays the wishes of _____________.
Fill in the blank(s) with the appropriate word(s).
The field of political economy
a. casts aside most of the standard methods of economic analysis. b. is also referred to as the field of public choice. c. is also referred to as the field of macroeconomics. d. produces the conclusion that democratic principles rarely lead to desirable economic outcomes.
The U.S. government pays an economist at the U.S. Department of Commerce $100,000 in salary in 2013 . The economist then retires. In 2014, the government pays him $60,000 in Social Security benefits. Which of the following is correct?
a. The 2013 payment is included in 2013 GDP as government purchases, and the 2014 payment is included in 2014 GDP as government purchases. b. The 2013 payment is included in 2013 GDP as government purchases, but the 2014 payment is not included in 2014 GDP. c. The 2013 payment is included in 2013 GDP as government purchases, and the 2014 payment is included in 2014 GDP as government transfer payments. d. The 2013 payment is included in 2013 GDP as government purchases, and the 2014 payment is allocated to previous years' GDP according to the amount of work performed by the economist each year.
Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower