Refer to Table 2.3. The principle of diminishing returns first occurs when how many workers are hired?
A) 2 B) 3 C) 4 D) 5
C
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In the circular flow diagram, aggregate expenditure includes
A) consumption expenditure, saving, investment and government expenditure. B) consumption expenditure, saving, investment and net exports. C) consumption expenditure, investment, government expenditure and net exports. D) consumption expenditure, saving, government expenditure and net exports.
Economic decision makers will continue to acquire information only as long as the expected additional benefit exceeds the expected additional cost of the information
a. True b. False
An increase in planned investment would be likely to cause
a. an increase in planned consumption. b. an increase in the rate of planned saving in the economy. c. an expanding level of national income. d. All of these.
How do we measure economic growth?
A. increases in the price level, as indicated by the GDP chain price index B. increases in nominal GDP C. increases in real GDP D. increases in the labor force