The basic task of economics is to
A) explain the tax and expenditure policies of governments.
B) report on key economic indicators, such as GDP and unemployment.
C) explain the forces that underlie human decision making.
D) predict the future movements of the stock market.
C) explain the forces that underlie human decision making.
You might also like to view...
The steps in the transmission of monetary policy are
A) Congress increases government expenditures on goods and services, leading to an increase in aggregate demand. B) Congress increases the money supply, which lowers the interest rate, and leads to an increase in aggregate demand. C) the Federal Reserve increases government expenditures on goods and services, leading to an increase in aggregate demand. D) the Federal Reserve lowers the federal funds rate, which lowers the real interest rate and leads to an increase in aggregate demand. E) Congress increases the budget deficit, which increases the money supply, which increases aggregate supply.
Which of the following was a source of the U.S. federal government's financial revenue for World War II (1941–45)?
(a) Tariffs (b) Bond sales to other governments (c) Bond sales to the Federal Reserve System (d) Bond sales to the U.S. Congress
Perfect competition and monopolistic competition are similar in that firms in both types of market structure will.
A) act as price takers. B) produce a level of output where price equals marginal cost. C) earn zero profit in the long run. D) act as price setters.
Exhibit 11-6Use the table below to answer the following question(s). Nominal GDP GDP Year(billions) deflator Year 1 600 100.0 Year 21,000 133.3 Refer to Exhibit 11-6. Measured in terms of Year 1 prices, real GDP in Year 2 was:
A. 600. B. 750. C. 900. D. 1,333.