Refer to the information provided in Figure 24.3 below to answer the question(s) that follow.
Figure 24.3Refer to Figure 24.3. If autonomous planned expenditure increases by $20 billion, equilibrium aggregate output ________ to $________ billion.
A. increases; 640
B. increases; 550
C. decreases; 360
D. increases; 600
Answer: B
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If your lawn and shrubs were killed by the fumes from a nearby factory and you hired a lawyer to sue the polluting firm, your legal fees would be considered
A) external costs. B) transactions costs. C) the social costs of pollution. D) sunk costs.
The United States possesses a large amount of human capital. As a result of this fact, in the United States there is a
A) large amount of machinery and equipment. B) large number of people and a great deal of land. C) highly skilled and educated labor force. D) large number of kind and generous humans. E) large amount of machinery (capital) that is run by people (humans).
Changes in consumer confidence, business optimism, government spending, and foreign events that cause economic volatility are known as
A) Supply Shocks. B) Demand Shocks. C) Aggregate Demands. D) Real Business Cycles.
Which of the following generates demand for foreign currencies?
A. Exports from the United States to foreign countries. B. Transfers of money from foreigners to relatives in the United States. C. The purchase by foreigners of bonds issued by the U.S. government. D. Expenditures by Americans traveling abroad.