The origin of classical economics was based on the book written by
A. John Maynard Keynes.
B. Milton Friedman.
C. Karl Marx.
D. Adam Smith.
D. Adam Smith.
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The income-expenditure model is best used for short-run analysis of economic fluctuations
Indicate whether the statement is true or false
Relative to GDP, interest on the national debt
a. has grown at a steady rate during the last 40 years b. has remained constant in recent decades c. grew especially rapidly during the 1980s d. declined slightly during the 1980s e. fluctuates as retirement portfolios change their allocation of government securities
According to your textbook, which of the following spending categories ranks the contribution to GDP in correct order (from largest to smallest for the United States)?
A.) Consumer goods, total government purchases, investment goods, exports. B.) Consumer goods, investment goods, total government purchases, exports. C.) Investment goods, consumer goods, total government purchases, exports. D.) Total government purchases, consumer goods, investment goods, exports.
One reason the public debt will not bankrupt the federal government is that the:
A. burden of the debt will be crowded out by new investment. B. debt can be refinanced by selling new bonds. C. cost is shifted to future generations. D. debt has a procyclical effect on the economy.