Since World War II, the U.S. economy has met its goals of full employment, price stability, and economic growth every year.
Answer the following statement true (T) or false (F)
False
Many economic problems, such as the recession in 2001, have prevented the U.S. economy from achieving these lofty goals.
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Total welfare gains from trade to the economy can be measured: a. as the sum of consumer and producer surpluses
b. as the difference between producer surplus and consumer surplus. c. as the sum of consumer and producer surpluses minus taxes d. as the net gain in consumer surplus that results from an action that alters a market equilibrium.
Resources are scarce
a. because there is always a greater demand for them than there is a supply of them b. only if the resources are nonrenewable c. only if the resources are renewable d. because all resources are nonrenewable e. because all resources are renewable
Which does the government not control directly?
a) Spending on health b) Spending on defence c) Firms' investment decisions d) Spending on state education
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.