The congressional act passed in 1946 that contained the first official statement of goals for economic performance in the United States was the
A) Federal Reserve Act.
B) Gramm-Rudman Act.
C) Employment Act.
D) Humphrey-Hawkins Act.
Ans: C) Employment Act.
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An upward sloping short-run aggregate supply curve suggests that
A) prices and wages are completely inflexible. B) prices and wages adjust in part to short-run demand changes. C) prices and wages are completely flexible. D) real GDP is determined by aggregate supply.
Based on the information in Scenario 1, nominal GDP in 2016 in this economy was
A) $830. B) $1,025. C) $1,090. D) $1,345.
Which of the following is not a correct statement about individual and group preferences?
a. Individuals have preferences b. Groups have preferences c. Individuals within groups have preferences d. Groups make collective decisions on behalf of their members
Whenever the economy is producing the maximum amount of goods given the level of technology and the amount of resources
A) the number of resources used should be decreased since society must protect its scarce resources. B) the concept of opportunity costs does not exist. C) more goods will be available than customers want to buy. D) the economy is producing efficiently.