Which of the following allows workers to focus on the types of production where they have an advantage?
a. Deindustrialization
b. Diseconomies of scale
c. Scarcity
d. Specialization
d
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In an economy with no income taxes or imports, if the MPC is .75, the multiplier is
A) 0.50. B) 4.00. C) 0.33. D) 3.00. E) 0.25.
Which of the following items serve as a store of value?
I. cash in your pocket II. the balance in your checking account III. an original Picasso painting IV. a $1,000 corporate bond A) I and II B) I, II, and III C) I, II, and IV D) I, II, III, and IV
According to the law of demand, when the price of shoes ________ people will consume ________ shoes.
A. falls, more B. rises, more C. falls, the same amount D. rises, the same amount
Discretionary fiscal policy is so named because it:
A. involves specific changes in T and G undertaken expressly for stabilization at the option of Congress. B. is undertaken at the option of the nation's central bank. C. occurs automatically as the nation's level of GDP changes. D. is invoked secretly by the Council of Economic Advisers.