All physical and mental activity devoted to producing goods and services is classified under the resource category called _________.
Fill in the blank(s) with the appropriate word(s)
Answer: Labor
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Use the following graph, which shows a change in the demand for pounds from D to D', to answer the next question.
Under a system of fixed exchange rates, ________.
A. the price of a pound will increase to $3 B. the price of a dollar will increase to 3 pounds C. the payment deficit will cause changes in price and income levels, which reestablishes the original exchange rate D. the shortage equal to b?a would be met using international monetary reserves
The sharp decline in domestic freight costs during the antebellum period was primarily due to the introduction of:
a. railroads. b. paved roads. c. clipper ships. d. canals and steamboats.
GDP is the total market value of:
a. All expenditures on natural resources, labor, and capital goods in an economy in a given year b. All intermediate goods and services produced in an economy in a given year c. All final goods and services produced in an economy in a given year d. All expenditures on consumption, investment, and net exports in an economy in a given year
Congress is debating whether to raise taxes by $100 billion or decrease spending by $100 billion in order to eliminate a budget deficit. Which action will have the larger effect on equilibrium GDP?
A. The increase in taxes B. The decrease in spending C. The effects will be equal D. Not possible to determine without knowing the multiplier