During World War II the United States' economy grew by about ________ percent a year.
A. 5
B. 10
C. 15
D. 20
B. 10
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The spending multiplier measures the change in equilibrium income that results from a change in:
a. consumption. b. interest rates. c. savings. d. net exports. e. autonomous expenditures.
You have responsibility for economic policy in the country of Freedonia. Recently, the neighboring country of Sylvania has cut off all exports of oranges to Freedonia. George, who is one of your advisors, says that the best way to avoid a shortage of oranges is to take no action at all. Charles, another one of your advisors, argues that without a binding price floor, a shortage will certainly
develop. Otto, a third advisor, suggests that you should impose a binding price ceiling in order to avoid a shortage of oranges. Which of your three advisors is most likely to have studied economics? a. George b. Charles c. Otto d. Apparently, all three advisors have studied economics, but their views on positive economics are different.
Which of the following is not a role of the government in the economy?
a. Establishing and Enforcing the Rules of the Game. b. Limiting Competition c. Regulating Natural Monopolies d. None of the above are roles of the government in economic systems.
A payment for the use of any resource over and above its opportunity cost is called
A) accounting profit. B) economic profit. C) normal cost. D) economic rent.