Which of these is an example of how the U.S. Constitution protects the free enterprise system?
A) Congress is given the power to borrow money.
B) Congress is given the authority to collect taxes.
C) Congress is given the authority to raise and support armies.
D) Congress is given the authority to grant patents and copyrights.
Answer: D) Congress is given the authority to grant patents and copyrights.
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As the Fed lowers the federal funds rate,
A) the price level falls. B) real GDP decreases. C) aggregate demand increases. D) aggregate supply increases. E) aggregate income decreases.
You know that a candy bar costs sixty cents today. You also know the CPI for 1962 and the CPI for today. Which of the following would you use to compute the price of the candy bar in 1962 prices?
a. sixty cents (today's CPI - 1962 CPI) b. sixty cents (1962 CPI - today's CPI) c. sixty cents (today's CPI / 1962 CPI) d. sixty cents (1962 CPI / today's CPI)
Assume that capital and labor are complementary inputs. If the firm increases the amount of capital it employs, this would
A. cause the firm to move up along its MP schedule for labor. B. shift the firm's MP schedule for labor to the left. C. shift the firm's MP schedule for labor to the right. D. cause the firm to move down along the MP schedule for labor.
The table above gives some data about GDP in a country for two years. Using these the chained-dollar method for calculating real GDP, real GDP increased by ________ percent between these two years
A) 6 B) 5 C) 10 D) 4 E) 2