Increased output and prices in the United States in the early 1940s were mostly the result of increased government expenditures
a. True
b. False
Indicate whether the statement is true or false
True
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In the 1970s, the government placed price ceilings on gasoline prices. A shortage of gasoline occurred, and long lines formed at the pumps. Some gas stations required that in addition to paying the price on the pump you had to buy a blank will. The action of having to purchase the will in order to purchase gas is known as
A. a surplus. B. the price system. C. a price support. D. a black market.
Refer to the above figure. Line BCD is called
A) the consumption function. B) the 45-degree line. C) the savings function. D) the saving function.
When the production of a good results in a positive externality, the social value curve is
a. below the demand curve, indicating that the total value to society is less than the private benefit. b. above the demand curve, indicating that the total value to society is greater than the private benefit. c. identical to the demand curve, indicating that the total cost to society is the equal to the private benefit. d. above the supply curve, indicating that the total cost to society exceeds the private cost.
Which of the following statements is an example of positive economic analysis?
A) The inflation rate is too high. B) The government should worry less about inflation and more about unemployment. C) If the government increases the rate of growth of the money supply, the inflation rate will increase, ceteris paribus. D) The elderly live on a fixed income, so the government has an obligation to keep inflation rates low.