The nation of Hyperbole is in a recession, and the government decides to increase taxes and reduce government spending to reduce the growing deficit. This will ________ aggregate demand and will likely ________ real GDP and employment
A) increase; increase
B) increase; decrease
C) decrease; decrease
D) decrease; increase
Answer: C
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Which of the following are required for economic growth?
i. more goods and services produced per hour of work ii. an increase in the average hours of labor per person iii. an increase in prices A) i only B) ii and iii C) ii only D) i and iii E) i and ii
All of the following are examples of the volunteer's dilemma except which one?
A) You are trying to decide whether to spend time volunteering at a local homeless shelter or at a neighborhood elementary school. B) You, along with a dozen other drivers, witness a car accident. You cannot decide whether to dial 911 or let one of the other witnesses dial 911 instead. C) Five high school students are contemplating sneaking out of school after lunch. One student has to create a diversion that will get him sent to detention in order for the others to escape unseen. D) A house is on fire and there may be someone still inside. Who will go inside the burning house to attempt to rescue the potential victim?
Based on the above information, what is Willy's "expected loss" due to an accident?
Willy Wonka wants to avoid any accidents of the work floor of his chocolate factory. If an accident does occur, it would cost Willy $500,000 in damages. Also, the probability of an accident is 20%. Pr(Accident)=0.2Pr(Accident)=0.2 A. $20,000 B. $50,000 C. $100,000 D. $125,000
Who said this? ". . . the sovereign has only three duties to attend to. . . . first, the duty of protecting the society from violence and invasion . . .; secondly, the duty of protecting . . . every member of the society from the injustice or oppression of every other member of it all; and thirdly, the duty of erecting and maintaining certain public works and public institutions, which it can never be for the interest of any individual . . . to erect and maintain. . . "
A. Adam Smith B. John Stuart Mill C. Sir William Petty D. Franklin Roosevelt