Will increased imports of supercomputers for industry promote economic growth?
What will be an ideal response?
Yes—doing so will lead to an increase in the economy's stock of capital.
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When Keynesians argue that "correlation does not necessarily imply causation," they are probably criticizing
A) structural-model evidence. B) reduced-form evidence. C) indirect-model evidence. D) black-box evidence.
Fiscal policy can:
A. have real effects on the economy in the short run. B. bring the economy to its long run equilibrium faster than it can correct itself. C. cause inflation. D. All of these are true.
A competitive price-taker firm's marginal cost curve is regarded as its supply curve because
a. the position of the marginal cost curve determines the price for which the firm should sell its product. b. among the various cost curves, the marginal cost curve is the only one that slopes upward. c. the marginal cost curve determines the quantity of output the firm is willing to supply at alternative prices. d. the firm is aware that marginal revenue must exceed marginal cost in order for profit to be maximized.
Based on this graph, the year with the highest surplus took place in the ______.
a. 1940s
b. 1970s
c. 1990s
d. 2000s