The three most important sources of economic growth are
a. increases in employment, protection of resources, and changes in technology
b. decreases in employment, decreases in the money supply, and improvements in technology
c. increases in employment, increases in the capital stock, and reductions in environmental pollution
d. increases in employment, increases in the capital stock, and improvements in technology
e. increases in employment, decreases in the money supply, and increases in capital stock
D
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Opportunism may occur when
A) both parties have limited information. B) both parties have full information. C) one party has information the other does not. D) All of the above.
The United States 2007 Gross-Public-Debt to GDP ratio is
a. similar to the ratios in most of the OECD countries b. considerably higher than it is in most OECD countries c. considerably lower than it is in most OECD countries d. considerably higher than it was in 1990 e. considerably lower than it was in 1990
The income generated by _____ will be included in the GDP of an economy
a. a professional working in small start-up firm outside the territory of the economy b. a person selling marijuana to college students c. a person selling electronic guides to tourists d. a farmer selling oranges to a fruit juice manufacturer
Refer to the above figure. Suppose the economy is operating at point A. There is a recessionary gap of ________, which can be closed by ________
A) $3 trillion; increasing government spending by $1 trillion B) $1 trillion; expansionary fiscal policy that shifts the short-run aggregate supply curve through point C C) $2 trillion; expansionary fiscal policy that generates another $2 trillion in total spending D) $2 trillion; an increase in government spending of $14 trillion