In March a factory used new technology to produce its output. Then in August a fire destroys half the factory. The new technology shifted the factory's PPF ________ and the fire shifted it ________
A) inward; outward
B) outward; inward
C) outward; outward
D) inward; inward
B
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Smoothing the peaks and troughs of the business cycle with fiscal policy is
A. difficult, because the government lacks important information about the economy. B. difficult, because economists have not developed any theoretical models of the macroeconomy. C. relatively simple, because the political process usually works smoothly and without significant lags. D. relatively simple, because the government has access to the best information available.
Name two policies that a Keynesian economist would advocate to influence the level of GDP in the short run
What will be an ideal response?
The total quantity of an economy's final goods and services demanded at different inflation rates is
A) the aggregate supply curve. B) the aggregate demand curve. C) the Phillips curve. D) the aggregate expenditure function.
Which of the following presidents is remembered for his role in championing American conservation legislation?
a. Warren G. Harding b. Abraham Lincoln c. Ulysses S. Grant d. Theodore Roosevelt