A vertical line always has a slope of one.
Answer the following statement true (T) or false (F)
False
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Which of the following most accurately describes the changes in GDP and unemployment between 1929 and 1933?
a. Real GDP changed little but the unemployment rate increased to about 50%. b. Real GDP increased by about 10% and the unemployment rate decreased to about 3%. c. Real GDP decreased by about 30% and the unemployment rate increased to about 25%. d. Both Real GDP and the unemployment dropped significantly.
Government budget
What will be an ideal response?
According to the text, can we conclude that people will consume goods until the marginal utility of each good is zero?
A) Yes, because at that point total utility is maximum. B) Yes, because at that point marginal utility is minimum. C) No, because consumption is determined by total utility. D) No, because consumption is determined by the marginal utility/price ratio.
Samuelson's theory of public expenditure demonstrates that
A. government is inefficient and will always engage in too much spending. B. an efficient mix of public goods is produced when local land/housing prices and taxes come to reflect consumer preferences. C. an optimal (or most efficient) level of output exists for every public good. D. through government regulation of private industry, the optimal level of public good provision is achieved.