Which of the following would not be part of a person's wealth?
a. a $100,000 inheritance
b. $100,000 in a savings account
c. $100,000 of corporate stock
d. a $100,000 mortgage on a home
e. a $10,000 family car
D
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The danger in using data to estimate the consequences of a proposed policy is that ________
A) the data can reveal only the benefits of a policy, while estimating the policy's costs is important, also B) policies change so often that data can never reveal which policies are the cause of which consequences C) the public's expectations about the policy might influence the data, making the policy seem more or less appropriate than is actually the case D) the proposed policy, if implemented, might cause unforeseeable changes in the relationships that were in operation when the data were produced
The more essential the good, the more price inelastic will be the demand for a good
Indicate whether the statement is true or false
Within the AD/AS model, which one of the following adjustments will cause the economy to return to its long-run capacity when output is temporarily greater than the economy's long-run potential?
a. Lower wage rates and resource prices reduce short-run aggregate supply. b. Lower interest rates increase aggregate demand and, thereby, stimulate output. c. Higher wage rates and resource prices reduce short-run aggregate supply. d. A decrease in prices reduces aggregate demand.
The typical shape of the long-run average cost curve is like
A. a circle. B. an inverse of the letter "V." C. the letter "C." D. the letter "U."