The relationship between output and employment is known as
A) the Phillips curve.
B) the Beveridge curve.
C) the Diamond paradox.
D) Okun's Law.
D
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In the short-run Keynesian model, if the mpc equals 0.8, then to decrease aggregate spending by $30 billion at any output level, government spending must be decreased by ________ or net taxes must be increased by ________.
A. more than $30 billion; more than $30 billion B. $30 billion; $30 billion C. $30 billion; more than $30 billion D. less than $30 billion; less than $30 billion
What is the reason that all economic issues and problems occur?
A) All nations use some form of money to buy and sell goods and services. B) People seek only their own self-interest. C) Powerful governments are able to control production and consumption. D) Human wants exceed the resources available to satisfy them. E) Humans are always wasteful and inefficient in production and consumption.
A "devaluation" occurs when
A) the official price of a currency is raised. B) the official price of a currency is lowered. C) a nation's currency depreciates under a flexible exchange rate system. D) a nation's currency appreciates under a flexible exchange rate system. E) none of the above
The institution of private property encourages:
A. easy exchange of some property because a formal title or deed exists. B. lack of easy exchange because ownership is sometimes hard to prove. C. lack of incentives because the owner is responsible for maintenance costs. D. lack of maintenance because people are not forced by law to do it.