An economic model
a. always has a mathematical foundation
b. can never be proven wrong
c. can be constructed for an individual economic unit but not for the economy as a whole
d. is a simplification of the real world
e. can be constructed for the economy as a whole but not for an individual economic unit
D
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Immediately after being collected, taxes are deposited in
A) tax and loan accounts. B) the Federal Reserve Bank of New York. C) Federal Reserve district banks around the country. D) the Congressional Vault.
An increase in government spending would cause which of the following to happen?
A) The aggregate demand curve would shift to the right. B) The aggregate demand curve would shift to the left. C) The aggregate supply curve would shift to the right. D) The aggregate supply curve would shift to the left.
A society must make three sorts of decision: what goods to produce, how to produce them, and how to distribute them
a. True b. False Indicate whether the statement is true or false
Which of the following determines the supply side of the market?
a. consumers b. buyers c. sellers d. government officials