Which of the following events in U.S. history did not create economic growth (shift the production possibilities curve outward)?
A. The Louisiana Purchase in 1803 that nearly doubled the land mass of the United States.
B. Inventions of machines such as Cyrus McCormick's mechanical reaper.
C. The introduction of the moving assembly line in automobile production by Henry Olds.
D. The dramatic reduction in the U.S. unemployment rate from 1939 to 1941 as we prepared to enter World War II.
D. The dramatic reduction in the U.S. unemployment rate from 1939 to 1941 as we prepared to enter World War II.
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A federal budget ________ occurs when the government spends less than it collects in taxes
A) floor B) surplus C) equilibrium D) deficit
In the Solow growth model, countries with identical total factor productivities, identical labor force growth rates, and identical savings rates
A) always have identical levels of capital per worker and output per worker. B) in equilibrium, have identical levels of capital per worker and output per worker. C) in equilibrium, have identical levels of capital per worker but not necessarily identical levels of output per worker. D) in equilibrium, have identical levels of output per worker but not necessarily identical levels of capital per worker.
The relationship between aggregate expenditures and disposable income is shown by the:
A. ? aggregate expenditures curve. B. ?consumption function. C. ?investment curve. D. ?saving-disposable personal income curve.
Which of the following is NOT true about the aggregate demand curve?
A. The aggregate demand curve shows total planned real expenditures at different price levels. B. The aggregate demand curve considers the entire circular flow of income. C. Changes in the economic conditions in other countries will lead to a shift of the aggregate demand curve. D. The production possibilities curve determines the slope of the aggregate demand curve.