The three basic categories of resources are land, labor, and:
a. money. b. time.
c. energy. d. capital.
d
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The standard view in economics is that tax cuts without ________ will ________ the budget deficit resulting in ________
A) increasing spending; decrease; unemployment B) spending cuts; decrease; unemployment C) increasing spending; increase; crowding out investment D) spending cuts; decrease; crowding out investment E) spending cuts; increase; crowding out investment
What is the meaning of “a defective telescopic faculty,” as described by A. C. Pigou?
A. Persons are unable to plan rationally for consumption. B. Persons zero in on something and cannot consider alternatives. C. Persons seek long-term goals and ignore present problems. D. Persons are unable to give adequate weight to the future.
Purchasing power parity does not hold in the short to medium run because
A. some goods aren't internationally traded. B. exports don't equal imports. C. most business cycles are caused by shocks to aggregate demand. D. exchange rates fluctuate too much.
Which of the following is a demand factor in economic growth?
A. More human and natural resources B. Technological progress and innovation C. An increase in the economy's stock of capital goods D. An increase in total spending in the economy