The use of debt financing to purchase food, clothing, vacations, and other non-durable items
What will be an ideal response?
is imprudent because such purchases will mean that you will soon be making payments on items that have you have already consumed.
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Cyrus McCormick and Eli Whitney were important in the technology of
A. steel. B. automobiles. C. agriculture. D. oil.
Using AK growth models and assuming that the labor force is fixed at the value of 1,
A) real GDP per worker is greater than real GDP per capita. B) real GDP per capita is less than real GDP. C) real GDP is greater than real GDP per worker and real GDP per capita. D) there is essentially no difference in real GDP, real GDP per worker, and real GDP per capita.
The problem of scarcity is confronted by:
A) industrialized societies. B) pre-industrialized societies. C) societies governed by communist philosophies. D) all societies.