Using Figure 9.1, dissaving occurs at all income levels
A. Above $3,000 billion.
B. Above $2,000 billion.
C. Below $2,000 billion.
D. Below $3,000 billion.
Answer: C
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
The short run Phillips Curve shows there is ________ relationship between the unemployment rate and the rate of inflation.
A. a positive B. a constant C. a negative D. no
Which of the following best defines capital as a factor of production?
A) the gifts of nature that businesses use to produce goods and services B) the knowledge and skills that people obtain from education and use in production of goods and services C) financial assets used by businesses D) instruments, machines, and buildings used in production
Which of the following results in a "parallel" shift outward of your indifference curves between gasoline and movie rentals?
A) any decrease in the prices of gasoline and movie rentals B) an equal percentage decrease in the prices of gasoline and movie rentals C) an increase in your income D) none of the above