Say's law in classical economics suggests that, over a period of time:
A. Aggregate spending would tend to exceed total output and income
B. Aggregate spending would tend to fall short of total output and income
C. Aggregate spending would tend to equal total output and income
D. Aggregate spending would tend to deviate from total output and income
C. Aggregate spending would tend to equal total output and income
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If actual output exceeds potential output, ________ shifts upward over time
A) the short-run AD curve B) the short-run AS curve C) the long-run AD curve D) the long-run AS curve
Official data may overstate the extent of poverty because
a. poverty is a relative as opposed to an absolute concept. b. it does not add "in-kind" transfers to the incomes of the poor. c. it overstates the taxes paid by the poor. d. it overestimates the amount the poor earn in the "underground economy."
Voluntary programs are dependable ways to protect the environment
a. True b. False Indicate whether the statement is true or false
Miguel is a 20 year old college student who works part-time and earns an annual income of $12,000 . To smooth out his life cycle changes in income, Miguel can
a. save his earnings to use when he is middle-aged. b. lend money to a friend to purchase a new car. c. borrow money to pay for college, which he will later repay when his income rises. d. attempt to pay for college from his current earnings.