LRE. After in increase in AD, the price level will initially be ____ and real GDP will initially be ____
a. lower; lower
b. higher; higher
c. lower; higher
d. higher; lower
Ans: b. higher; higher
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What are the main characteristics that make it more likely for a cartel to enforce agreements among participating members?
What will be an ideal response?
Unemployment insurance pools risk across __________, and Social Security and Medicare pool risk across __________
A. time; the labor force. B. the labor force; all retired people. C. time; age. D. the labor force; time.
"The government should provide health care for all citizens." This statement is an illustration of:
A. positive economic analysis. B. correlation analysis. C. fallacy of association analysis. D. normative economic analysis.
Answer the following questions true (T) or false (F)
1. The U.S. federal government has experienced dramatic swings in the state of its budget over the past 20 years. 2. In an open economy, the relationship between GDP (Y) and expenditures is Y = C + I + G. 3. Economists have not found a way to predict when recessions will begin and end.