Economics is the study of how people:
a. vote for political leaders who decide what is to be produced.
b. make choices to produce and consume goods and services.
c. establish social institutions that maximize well-being.
d. develop value systems that affect their consumption choices.
b
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A current account deficit can occur if ________, all else equal
A) net national savings equals zero B) net factor income from abroad equals zero C) net exports are negative D) net investment income is negative
The formula for the deposit expansion multiplier =
A) 1 x required reserve ratio. B) 1 / required reserve ratio. C) 10 x required reserve ratio. D) 10 / required reserve ratio.
Rank the components of aggregate demand by their sensitivity to changes in the real interest rate. Start with the most sensitive to the least sensitive.
What will be an ideal response?
Which product is most likely to have a built-in excise tax?
(A) Organic apples (B) High-pollutant gasoline (C) Running shoes (D) Clothing made locally