Rapid economic growth:
A. has happened in various places around the world since the 1300s.
B. has occurred since 1500, but backsliding has prevented real growth.
C. is a modern phenomenon, happening only this year.
D. is a modern phenomenon, happening only in the last century or two.
Answer: D
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________ consumption is consumption that depends upon the level of GDP and ________ consumption is consumption that does not depend upon the level of GDP
A) Voluntary; autonomous B) Autonomous; voluntary C) Induced; autonomous D) Autonomous; induced
Lenders must be concerned that borrowers may do risky unauthorized things with the funds they are lent. This is the __________ problem
A) moral hazard B) nondivisibility C) adverse selection D) None of the above.
As the interest rate decreases, the planned aggregate expenditure curve shifts downward.
Answer the following statement true (T) or false (F)
Money is:
A. a proven cognitive bias. B. not fungible, meaning it can be easily exchanged or substituted. C. an alternative to implicit costs. D. fungible, meaning it is easily exchangeable or substitutable.