The total resource cost of goods and services produced by the U.S. economy is known as
a. real GDP.
b. personal income.
c. national wealth.
d. national income.
d. national income.
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
What is/are the advantage(s) of the gold standard?
(a) The government can print money as required by cyclical fluctuations in domestic markets. (b) Floating exchange rates. (c) It requires monetary discipline. (d) All of the above.
The _____ allows voters to vote on a series of marginally smaller quantities of a good
a. committee version of the medium voter model b. representative democracy version of the medium voter model c. referendum version of the medium voter model d. cyclical majority
Harold has always driven cars made by Universal Motors. The last two Universal Motors cars that Harold purchased have had major engine problems resulting in Harold incurring significant cost. Consumer Reports has consistently given Universal Motors poor
ratings. Still, Harold plans to purchase another Universal Motors car next fall. Harold's behavior is an example of which systematic mistake that people make?