The spread of innovation through imitation refers to:
A. invention.
B. diffusion.
C. duplication.
D. diversification.
Answer: B
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Given the values in the table above, consumption is ________ when equilibrium output is 15
A) 12.3 B) 11.86 C) 12.05 D) 11.55 E) none of the above
If supply is perfectly elastic, the supply curve is
a. vertical b. horizontal c. any straight-line supply curve d. any supply curve intersecting a perfectly elastic demand curve e. any supply curve intersecting a demand curve which is unit elastic
The aggregate supply-aggregate demand model predicts that the short-run effect of an unexpected decrease in taxes is:
a. A decrease in the price level and an increase in real output. b. An increase in both the price level and real output. c. An increase in the price level and a decrease in real output. . d. A decrease in both the price level and real output. e. No effect on the price level and a decrease in real output.
Government expenditures are different from the government national income account (G) in that:
A. government expenditures includes transfer payments while G does not. B. government expenditures are net of tax revenue while G is not. C. G includes transfer payments while government expenditures does not. D. G includes spending for defense, highways, and education while government expenditures does not.