Which of the following is a positive economic statement?
a. Too much government spending is the biggest problem facing the U.S. economy.
b. Creating jobs is the most serious problem facing the U.S. economy.
c. Raising taxes provides additional revenue that should be used to finance health care.
d. If taxes are over 50 percent of national income, job creation falls.
D
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A competitive employer will hire inputs up to the point where the
A. price of the input equals the marginal product of the input. B. price of the input equals the price of the output. C. price of the input equals the marginal revenue product of the input. D. marginal product of the input reaches a maximum.
A change in any component of aggregate demand creates a larger change in overall aggregate demand. This is the ________ effect, and it means, for example, that a(n) ________ in consumption will cause an even larger ________ in AD
A) multiplier; increase; increase B) growth; increase; decrease C) multiplier; decrease; decrease D) liquidity; decrease; decrease E) liquidity; increase; increase
A quota refers to:
A) a tax on imported goods B) a limit on the amount of a good that can be imported C) the range within which an exchange rate is allowed to fluctuate D) a limit on the size of a trade deficit
The basic goal of economics is to
What will be an ideal response?