The demand curve for a public good is also called the
A) total social benefit curve. B) total welfare curve.
C) total willingness-to-pay curve. D) marginal social benefit curve.
D
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Which of the following statements is true?
A) The relationship between labor demand and wage rate and the relationship between labor supply and wage rate are both positive. B) The relationship between labor demand and wage rate and the relationship between labor supply and wage rate are both negative. C) The relationship between labor demand and wage rate is positive, whereas the relationship between labor supply and wage rate is negative. D) The relationship between labor demand and wage rate is negative, whereas the relationship between labor supply and wage rate is positive.
Which of the following characterizes the classical view of the economy?
a. The economy is inherently unstable. b. Prices and wages are not flexible. c. The economy will "self-adjust" to full employment. d. None of these.
Which of the following statements is incorrect?
a. Budget deficits raise the national debt. b. The concepts of deficit and debt are closely related. c. Getting rid of the deficit eliminates accumulated debt. d. Budget surpluses lower the national debt.