Economic growth can be pictured in a production possibilities frontier diagram by
A) making the production possibilities frontier more bowed out.
B) making the production possibilities frontier less bowed out.
C) shifting the production possibilities frontier outward.
D) shifting the production possibilities frontier inward.
C
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Since the replacement of AFDC with TANF the welfare rolls have grown in the United States
a. True b. False
Aggregate demand is defined as the total spending
a. of all consumers, business firms, government agencies, and foreigners on final goods and services produced in the United States. b. by all consumers, business firms, government agencies, and foreigners in the United States. c. consumers, businesses, government agencies, and foreigners wish to make in one year. d. of consumers, businesses, and government agencies on final output.
An annually balanced budget
A. is the same as a cyclically balanced budget. B. is opposed by many economists because it would require cutting spending and raising taxes during recession, which might very well produce a depression. C. requires a constitutional amendment. D. requires the Congress and the President to approve special legislation authorizing the balanced budget.
The market price is the typical price at which a good or service sells.
Answer the following statement true (T) or false (F)