Scarcity is a problem that
a. exists only in the poorer countries of the world
b. would disappear if resources were less limited
c. can be solved by rapid advances in technology
d. exists in every economy
e. the rich have solved
D
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To the extent that a direct expenditure offset results from an expansionary fiscal policy,
A) the fiscal policy will not be discretionary. B) the time lags associated with the implementation of fiscal policy will shorten. C) the stimulative effect will be less than anticipated. D) the stimulative effect will be more than anticipated.
Assuming an economy is already experiencing full employment, then it must produce more consumer goods and fewer capital goods if it wishes to experience greater rates of economic growth over time
a. True b. False Indicate whether the statement is true or false
Since 1995, the net interest payment as a percentage of GDP has:
a. declined. b. doubled. c. tripled. d. quadrupled.
When economists say that there is a time lag in the effect of monetary policy, what do they mean?
a. That it takes time to observe the effects of fiscal policy on the economy b. That the Fed takes awhile to figure out what it wants to do c. That the Congress takes awhile to figure out what it wants to do d. That it takes time to observe the effects of monetary policy on the economy e. That the public needs time to decide how to respond to monetary policy changes