An increase in the overall level of prices in an economy is referred to as
a. the income effect.
b. inflation.
c. deflation.
d. the substitution effect.
b
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Since the beginning of the 20th century the decade with the slowest real GDP per person growth rate other than the 1930s is ________ because of the ________
A) 2000-2010; 2008/2009 deep recession B) 1930-1940; Great Depression C) 2010-2020; Keynesian economic policies being used more frequently than in the 1930s D) 1990-2000; fear of Y2K E) 2000-2010; the war on terror
Investment spending is procyclical. In the short run, are changes in investment affected more by changes in the expected marginal product of capital, or by changes in the user cost of capital?
What will be an ideal response?
Which of the following goods is both excludable and rival in consumption?
a. a wristwatch b. fire protection in a small town c. fish in the ocean d. efforts to fight poverty
Which of the following is an example of income?
a. labor b. rent c. capital d. land