The term ______________________ refers to the means used to determine how available goods and resources will be allocated.
a. positive economics
b. marginal
c. rationing device
d. normative economics
Answer: c. rationing device
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The effect of an increase in the price level on the aggregate-demand curve is represented by a
a. shift to the right of the aggregate-demand curve. b. shift to the left of the aggregate-demand curve. c. movement to the left along a given aggregate-demand curve. d. movement to the right along a given aggregate-demand curve.
What is the term for a situation in which a person is overqualified for the job he or she has?
(A) Partial employment (B) Discouraged worker (C) Underemployment (D) Low-skilled work
Proponents of economic growth claim that growth leads to greater equality of income in an economy.
a. true b. false