The finite nature of the economy's resource base:
a. will be solved if only we would learn to conserve.
b. is only a problem in developing countries.
c. will be solved as technology advances.
d. will always be with us.
d
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A realized capital gain is
a. the difference between the price of a share of stock and what the investor paid for it (i.e., the broker's fee) b. the difference between the original value of a piece of equipment and its depreciated value c. an increase in the net worth of a sole proprietorship or partnership d. an increase in the market value of a share of stock held by an individual e. the difference between the selling price and the purchase price of a share of stock
If total spending rises from one year to the next, then
a. the economy must be producing a larger output of goods and services. b. goods and services must be selling at higher prices. c. either the economy must be producing a larger output of goods and services, or goods and services must be selling at higher prices, or both. d. employment or productivity must be rising.
"Mediocre economists often consider only the immediate direct effects of a change, whereas a good economist will also consider indirect effects that may only become observable over time." This statement most clearly emphasizes
A) the law of comparative advantage. B) economizing behavior. C) the importance of secondary effects. D) the gains derived from voluntary exchange.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.