Hurricanes, terrorist attacks, and droughts are examples of
A. propagation mechanisms.
B. shocks.
C. the components of GDP.
D. demand innovations.
Answer: B
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In 2002, the United States contained around _____ governmental units at all levels
a. ninety thousand b. twelve thousand c. fifty d. five hundred and thirty-five
Because resources are scarce relative to wants, the study of economics concerns
A) how money is important to people. B) how individuals, businesses, and governments make choices. C) how money is used to buy what people want. D) None of the above are correct.
A study of the U.S. price level and real GDP from 1972 to 2007 reveals a clear upward march toward higher prices and greater output. What explains this?
A. Both the aggregate demand curve and the aggregate supply curve have shifted to the left year after year. B. Both the aggregate demand curve and the aggregate supply curve have shifted to the right year after year. C. The aggregate supply curve has shifted to the right, while the aggregate demand curve has shifted to the left. D. The aggregate supply curve has shifted to the left, while the aggregate demand curve has shifted to the right.
The law of demand includes the statement "other things being equal." These other things include all of the following EXCEPT
A. incomes. B. the price of the good itself. C. tastes. D. the price of related goods.