The term "the affluent society" was coined by
A. Michael Harrington.
B. John Kenneth Galbraith.
C. Karl Marx.
D. Adam Smith.
B. John Kenneth Galbraith.
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A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes?
A) marginal costs B) pure profit C) net benefit D) marginal revenue E) gross earnings
Primary credit is only a backup source of funds for health banks since
A) the primary credit rate is set above the federal funds rate. B) restrictions as to its use limit its benefits. C) the secondary credit rate pays 0.5% more. D) banks must seek funds from other sources prior to requesting a discount loan.
Given the consumption equation C = $500 billion + 0.80Y, an increase in national income from $6,000 billion to $7,000 billion will cause consumption to increase by
a. $800 billion b. $1,000 billion c. $1,300 billion d. $1,500 billion e. $1,800 billion
A government is running a budget deficit if:
A. government revenue exceeds government spending. B. imports exceed exports. C. exports exceed imports. D. government revenue is less than government spending.