The two broad themes that have driven this text are that ___________ are both evolving.
Fill in the blank(s) with the appropriate word(s).
power and purpose
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Which of the following statements is FALSE?
A) Fiscal policy is the attempt to influence the economy using taxes, transfer payments, and government expenditures. B) Government expenditure affects aggregate demand directly because government expenditure is a component of aggregate demand. C) Taxes and transfer payments affect aggregate demand by changing disposable income. D) An increase in disposable income leads to a decrease in aggregate demand.
The economy's self-correcting mechanism
a. prevents the economy from ever being in disequilibrium b. guides the economy to full employment in the long run c. maintains a steady long-run price level d. is a short-run adjustment process e. is controlled by the Fed
The marginal productivity theory of distribution holds that
a. each factor is paid what it deserves. b. the owner of each factor is paid the amount that the factor contributes to earnings. c. each factor's income depends on how hard it works. d. each factor receives an equal share of the revenue from production.
Supply is very inelastic when
A. The quantity supplied changes only when demand changes. B. The quantity supplied changes little when the price increases. C. The quantity supplied does not change at all when price increases. D. The quantity supplied changes a lot when price increases.