The demand for a good or service is determined by
a. those who buy the good or service.
b. the government.
c. those who sell the good or service.
d. both those who buy and those who sell the good or service.
a
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The single most significant service item in the welfare package is
a. Medicaid b. defense c. AFDC d. food stamps e. natural resource conservation
Figure 2-5 shows five different combinations of rockets and cruise ships that a country could manufacture. Suppose it decided to produce 18 rockets and 12 cruise ships. Which of the following would be true?
a. This combination could not be produced.
b. The country will be at point B.
c. The country will be at point C.
d. The country will not be fully utilizing its resources.
e. The country will be at the midpoint of points B and D.
Okum's Law?
What will be an ideal response?
If the Congress passes legislation to increase government spending to counter the effects of a recession, then this would be an example of a(n):
a. Supply-side fiscal policy b. Contractionary fiscal policy c. Expansionary fiscal policy d. Nondiscretionary fiscal policy