An increase in expected future income will:
A. Increase aggregate demand and aggregate supply
B. Decrease aggregate demand and aggregate supply
C. Increase aggregate supply
D. Increase aggregate demand
D. Increase aggregate demand
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What is scarcity, and why is it a fundamental concept in economics?
What will be an ideal response?
The source of gains from trade is
a. tariffs b. self-sufficiency c. autarky equilibrium d. absolute advantage e. comparative advantage
A true public good is characterized by
A. depletability but not excludability. B. excludability but not depletability. C. both depletability and excludability. D. neither depletability nor excludability.
Economists use the term ________ to refer to the creation of new capital.
A. investment B. finance C. entrepreneurship D. depreciation