Quick conclusions about the behavior of real per student spending must be made with care because
A. less money is spent on special education and less is also spent on everything else.
B. though more money is spent per student, an increasing share goes to non-instructional needs.
C. more money is spent on special education and less is spent on everything else.
D. more money is spent on non-instructional needs and less is spent on instruction.
Answer: B
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Smoothing the peaks and troughs of the business cycle with fiscal policy is
A. difficult, because the government lacks important information about the economy. B. difficult, because economists have not developed any theoretical models of the macroeconomy. C. relatively simple, because the political process usually works smoothly and without significant lags. D. relatively simple, because the government has access to the best information available.
Security personnel are an important input into the production of major concerts, such as Lady Gaga, and Jay Z & Kanye West. If wages for security personnel rise, then we would expect
A) the supply of major concerts to be unaffected. B) the supply of major concerts to decrease. C) the supply of major concerts to increase. D) the demand for major concerts to increase.
What differentiates an increasing-cost industry from a decreasing-cost industry?
What will be an ideal response?
An increase in the price level will
A) move the economy down along a stationary aggregate demand curve. B) move the economy up along a stationary aggregate demand curve. C) shift the aggregate demand curve to the left. D) shift the aggregate demand curve to the right.