Which of the following would be a concern of normative economics?
a. measuring the actual distribution of income in the economy
b. recommending a change in government policy to make the distribution of income more equitable
c. determining the impact of higher income taxes on the distribution of income
d. determining the impact of a lower federal budget deficit on the distribution of income
e. measuring the change in the nation's income distribution since 1960
B
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Suppose nominal GDP is $14 trillion and the money supply is $2 trillion. What is the velocity of money?
A) 0.143 B) 7 C) 12 D) 28
A leftward shift of a supply curve represents a decrease in supply
a. True b. False
Describe three arguments of why some economists object to the predictions of the rational expectations theory and do not subscribe to the conclusions of this approach.
What will be an ideal response?
Which of the following is true of a monopolist in the short run?
A. It is constrained by marginal cost in setting price. B. It is constrained by consumer demand in setting price. C. It charges more than what consumers are willing to pay. D. It always earns an economic profit. E. It can charge whatever price it wants.