According to the PowerPoint slides for Chapter 2, Socialism is an economic system that
Ans: relies on collective ownership of resources and centralized decision-making
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According to Keynes
A) consumption is directly related to income but saving has no relationship with income. B) consumption is directly related to income but saving is inversely related to income. C) both consumption and saving are positively related to real disposable income. D) consumption is positively related to the interest rate.
Efforts to reduce the unemployment rate are likely, in the short run, to lead to
A. a decrease in the inflation rate. B. an increase in the inflation rate. C. no change in the inflation rate. D. have no impact on unemployment.
According to traditional Keynesians, when the central bank increases the money supply during a recession
A. people will refuse to use the money. B. people will keep most of it in their bank accounts. C. people will borrow more from banks. D. people will spend all of the money on goods and services.
A nation's real GDP was $250 billion in 2013 and $265 billion in 2014. Its population was 120 million in 2013 and 125 million in 2014. What is its real GDP growth rate in 2014?
A. 15.0% B. 6.0% C. 5.7% D. 1.1%