According to the graph, the correlation between years of education and annual income is

Everything else held constant, an increase in government spending ________ aggregate ________

A) increases; demand B) decreases; demand C) decreases; supply D) increases; supply

Which of the following is a result of scarcity?

a. Costs are incurred in making choices. b. We attempt to utilize our resources as efficiently as possible. c. We must make choices between production possibilities. d. We are unable to produce all we would like to produce. e. All of these.

Which of the following is true? a. Velocity is not constant over time

b. The best way to study economic activity is to start with the equation and then integrate the money supply and the volume of international trade. c. Control over the money supply implies that the Fed has precise control over real GDP. d. All of the above are true.

Discounting allows comparisons of

a. money values and physical values. b. interest payments on borrowed funds and interest payments on loaned funds. c. money values received at different times. d. the quantities of outputs produced by different types of capital goods.