Assuming a closed economy (i.e., NX = O) the data in Figure 2-1 suggest that for each year after 1980
A) private saving could have been either positive or negative.
B) private saving was negative.
C) private saving was positive.
D) private saving equaled zero.
C
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Classical macroeconomic theorists believed that if the economy was in a slump, the government should ________.
A. increase spending B. maintain a balanced budget C. lower taxes D. print money
Which one of the following is NOT a part of the M1 definition of money?
A) paper currency (i.e., Federal Reserve notes) B) coins C) savings accounts D) checkable and debitable accounts
For a firm to maximize total profits through price discrimination, it should
a. Charge a high price to consumers with an inelastic demand and low price to consumers with an elastic demand b. Charge a low price to consumers with an inelastic demand and high price to consumers with an elastic demand c. Charge the same price to both sets of consumers by maximizing at MR=MC on the elastic demand d. Charge the same price to both sets of consumers by maximizing at MR=MC on the inelastic demand
Susan switches from going to Speedy Lube for an oil change to changing the oil in her car herself. Which of the following is correct? The value of changing the oil is
a. included in GDP whether Susan pays Speedy Lube to change it or changes it herself. b. included in GDP if Susan pays Speedy Lube to change it but not if she changes it herself. c. included in GDP if Susan changes it herself, but not if she pays Speedy Lube to change it. d. not included in GDP whether Susan pays Speedy lube to change it or she changes it herself.