The Employment Act of 1946 committed the federal government to intervening in the economy to prevent large declines in output and employment.
Answer the following statement true (T) or false (F)
True
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Specialty chocolate bars with a high cocoa content have been drawing a lot of attention in gourmet circles in 2008 but the price of cocoa beans has increased more than 44 percent in this time period
In response to the increase in the price of cocoa beans, Rogue Chocolatier has increased the price of their gourmet chocolate bars by 20 percent. Rogue observes the quantity of their bars sold decreased by 15 percent. Based on this news clip, what does the price elasticity of demand for gourmet chocolate bars equal? A) 0.75 B) 1.25 C) 1 D) 0.66
Which of the following is included in the GDP?
A) the current services flowing from the housing stock B) the estimated value of drugs sold illegally C) the estimated value of leisure time D) transfer payments such as Social Security and veterans' benefits E) private purchases of used assets
Within the framework of the Keynesian model, if spending is abnormally low,
a. the economy will be in equilibrium at full employment, but inflation will be high. b. equilibrium output will be less than the full-employment rate of output. c. the equilibrium output rate will exceed the economy's full-employment capacity. d. the actual rate of unemployment will be less than the natural rate of unemployment.
When the money supply is expanding and prices rise rapidly, economic growth
What will be an ideal response?