The Keynesian idea that the government can achieve a specific level of GDP by changing government spending and taxing was known as
a. fine-tuning
b. supply-side stimulation
c. classical manipulation
d. hunting for the Phillips curve
e. crowding out
A
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Knowledge and skills are part of ________ in an economy
A) educational functions B) market growth C) human capital D) innovation
When isolating the substitution effect of a change in an individual's budget constraint, _____ is held constant
a. utility b. budget c. income d. consumption
What would best explain why the equilibrium price of pink salmon decreased and the equilibrium quantity increased?
A. The increase in demand was greater than the decrease in supply B. The decrease in demand was greater than the decrease in supply C. The increase in supply was greater than the decrease in demand D. The decrease in supply was greater than the increase in demand
Economic growth is usually defined as
A. the increase in output over time, as measured by real per capita Gross Domestic Product (GDP). B. the rate of increase in output divided by the increase in labor. C. the increase in input availability. D. the reduction in the real cost of necessities.