Microeconomics is best described as the study of
A. the nation's economy as a whole.
B. the relationship between inflation and wage inequality.
C. very large issues.
D. the choices made by individual households, firms, and governments.
Answer: D
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If fiscal stimulus creates a large budget ________, then in the long run economic growth ________
A) deficit; decreases B) surplus; increases C) deficit; increases D) surplus; decreases E) None of the above answers is correct. The figure above shows a nation's aggregate demand curve, aggregate supply curve, and potential GDP.
Rational ignorance might explain low voter turnout because people apply marginal analysis to voting
a. True b. False Indicate whether the statement is true or false
If K = capital and L = labor, then output per laborer is
a. K/L b. GDP/K c. L/K d. L/GDP e. GDP/L
Which of the following activities would impact service exports in the U.S. balance of payments?
a. An Australian resident buys an American-made automobile. b. The U.S. government sends humanitarian aid to Pakistan. c. A French firm hires a U.S. resident to design a building in Paris. d. The Netherlands imports airplane parts from the United States.