Refer to the information provided in Figure 23.9 below to answer the question(s) that follow.
Figure 23.9Refer to Figure 23.9. As a result of an increase in investment by $20 million, aggregate expenditures shifts ________, ________ equilibrium output and equilibrium expenditure.
A. down; increasing
B. down; not changing
C. up; increasing
D. down; decreasing
Answer: C
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The implicit cost incurred by a firm to use its resources to produce its output is the firm's
A. fixed cost. B. accounting cost. C. explicit cost. D. opportunity cost.
All of the following fiscal policies will contribute to increasing budget deficits except:
a. tax cuts. b. increases in defense expenditures. c. increases in Social Security payments to the elderly and disabled. d. cuts in aid to farmers.
To compare the change in physical production (GDP) between 2010 and 2016, we should compare ________ GDP in 2010 with ________ GDP in 2016.
A. nominal; nominal B. real; real C. real; nominal D. current dollar; current dollar
An economic system is
A) the universe of all resources. B) a way to create new resources. C) a mechanism to allocate scarce resources. D) an organization that generates profits.