During the expansion phase of the business cycle, we would normally expect to see real income ____, price level ____, and unemployment rate ____.
a. increasing; increasing; increasing
b. increasing; decreasing; decreasing
c. increasing; increasing; decreasing
d. falling; increasing; increasing
c. increasing; increasing; decreasing
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Public saving is:
A. more important to national saving than private saving. B. increased when the government budget deficit rises. C. identical to the government budget surplus. D. less important to national saving than private saving.
According to Adam Smith, a well-governed society's wealth is positively related to
A) the division of demand. B) the division of labor. C) the degree to which society can eliminate scarcity. D) the degree to which society can encourage and promote greed.
Explain why in the case of economies of scope the production possibility frontier is bowed outward
What will be an ideal response?
Which of the following will result in a decrease in a consumer's purchasing power?
A) A decrease in the consumer's income B) An increase in the price of the good on the vertical axis C) An increase in the price of the good on the horizontal axis D) all of the above