[Y = C + I + G] when ________ in the income-expenditure model.
A. investment is excluded
B. net exports are included
C. government is included
D. net imports are included
Answer: C
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When supply increases and the supply curve shifts to the right, equilibrium price ________ and equilibrium quantity ________
A) increases; decreases B) decreases; decreases C) increases; increases D) decreases; increases
The concept of human capital describes
A) human skills, that is, the quality of labor. B) human population, that is, the quantity of labor. C) the number of machines per employed worker. D) the number of workers per operating machine. E) the number of machines (capital) that have been produced by people (humans).
Organic food might be good for your health but in light of the 2008 downturn in the economy and falling incomes, consumers are buying less organic and more non-organic food. Based on these events, what is TRUE?
A) Organic food is a normal good and non-organic food is an inferior good. B) Organic food is an inferior good and non-organic food is a normal good. C) Organic food is a normal good and non-organic food is a normal good. D) Organic food is an inferior good and non-organic food is an inferior good.
Real GDP is GDP in a given year
A) valued in the prices of the base year. B) valued in the prices of that year. C) adjusted only for unanticipated inflation. D) adjusted only for anticipated inflation.