Which of the following federal agencies is engaged in economic regulation?
A) Occupational Safety and Health Administration
B) Federal Motor Carrier Safety Administration
C) Food and Drug Administration
D) Consumer Product Safety Commission
Answer: B
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Real GDP definitely increases if
A) the AS curve shifts leftward and the AD curve does not shift. B) the AD curve shifts leftward and the AS curve shifts rightward. C) both the AD curve and the AS curve shift rightward. D) both the AD curve and AS curve shift leftward. E) potential GDP decreases so that real GDP exceeds potential GDP.
If the monetary policy curve is correct, then policy makers care only about inflation and not at all about aggregate output and unemployment. Comment
What will be an ideal response?
If national income grows at twice the rate of population growth,
a. population will reach a maximum and per capita income will be maximized at that population level b. eventually the rates must equal c. per capita income will double each year d. per capita income will be reduced by half each year e. per capita income growth will double each year
Providing citizens with enforceable property rights to resources
a. increases resource conservation and decreases wasteful resource use. b. promotes economic prosperity and thus increases demand for environmental quality. c. provides people with a strong incentive not to damage the privately owned resources of others. d. does all of the above.