Pat Robertson, a TV evangelist and former Republican Party candidate for president, once said that "debt is an affront to God," so good Christians should not spend beyond their incomes. Indeed, Robertson wants Christians to save more. If more Americans, Christians as well as others, took his message seriously, how would we represent the result using a Keynesian macroeconomic model?
a. a downward movement along the consumption function
b. an upward movement along the consumption function
c. a downward shift of the consumption function
d. an upward shift of the consumption function
c
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In most oligopolistic industries, positive profits attract new firms and thus increase production.
Answer the following statement true (T) or false (F)
Along a given demand curve, a decrease in supply will typically
a. decrease price, but the change in quantity could be in either direction b. increase price and decrease the quantity c. decrease price but leave quantity unchanged d. decrease both quantity and price e. increase both quantity and price
Since the end of World War II, the U.S. price level has: a. increased tenfold
b. increased by an average of 10 percent each year. c. increased and decreased with equal regularity, leaving the price level almost constant. d. increased by 50 percent. e. doubled.
According to the text, the current trend regarding unions is that
a. they are experiencing a renewed sense of power. b. U.S. membership is generally declining. c. they have lessening significance for the management of multinational corporations. d. they are maintaining an adversarial position to try to hold onto their membership. e. corruption and scandal will continue to taint their existence.