Economics is most precisely defined as
A) a study of what people need to survive.
B) a study of how culture evolves in different geographic areas.
C) the same as the study of finance and management.
D) the study of how people make choices.
Answer: D
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
Which of the following policies are likely to increase national savings?
a. running larger government budget deficits. b. decreasing taxes on stock dividends. c. reducing taxes on consumption. d. having to pay higher interest rates on the national debt. e. none of the above.
Which of the following statements is most correct if the Fed sees no need to engage in expansionary monetary policy?
A. It will be impossible for the Fed to shrink its balance sheet. B. Eventually, the Fed will shrink its balance sheet by letting securities it holds expire. C. The Fed is likely to increase the size of its balance sheet. D. The Fed will likely shrink its balance sheet rapidly.
Inflation was the nation's number-one economic worry during
A. the 1920s. B. the late 1950s. C. the early 1960s. D. the 1970s.