A decline in which of the following types of spending was not generally considered a part of the beginning and continuation of the Great Recession?
A) residential investment spending
B) federal government spending
C) consumer durables spending
D) business investment spending
B
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Which of the following environmental issues overflow national boundaries and so might be addressed multilaterally?
a. dams b. the ozone layer c. global warming d. biodiversity loss e. all of the above
If the federal government borrows to build a new dam in North Dakota with a rate of return above the borrowing rate, and later raises federal income taxes to pay the interest, future welfare in the United States is
A) redistributed and lowered overall. B) redistributed but not lowered overall. C) not redistributed but lowered overall. D) not redistributed and not lowered overall.
The aggregate supply curve illustrates that the
A) higher the price level, the greater the quantity of real GDP supplied.
B) higher the price level, the smaller the quantity of real GDP supplied.
C) aggregate demand curve is not needed to determine the aggregate price level.
D) price level does not affect the quantity of real GDP supplied.
E) amount of potential GDP increases when the price level rises.
Exhibit 15-1 Production possibilities curves
In Exhibit 15-1, the production possibilities curves of wheat and corn for Nabia and Pada are presented. In Nabia the cost of producing one more unit of wheat is equal to:
A. 4 units of corn. B. 4 units of wheat. C. 1/4 unit of corn. D. 15 units of corn.