In a Crown colony
a. both its governor and upper house were appointed by the Crown.
b. the governor was appointed by the Crown while the upper house was elected by the propertied adult males within the colony.
c. only the lower house could initiate fiscal legislation.
d. Both a and b are correct.
e. Both a and c are correct.
e. Both a and c are correct.
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In the aggregate expenditures model, consumption depends on
A. disposable income. B. the natural rate of unemployment. C. whether the government has a budget surplus or deficit. D. potential output.
In terms of technological progress, economists interpret this as meaning an economy operates more efficiently by producing more output without using any more inputs
Indicate whether the statement is true or false
When an economy produces more houses and fewer typewriters, it is answering the ________ part of one of the two big economic questions
A) "what" B) "how" C) "where" D) "for whom"
A demand curve can be thought of as
a. a graphical display of "market potential." b. a graphical representation of the information in a demand schedule. c. showing how much people want to buy. d. a forecasting tool. e. All of the above are correct.