Recently, the U.S. national income accounts have switched to calling government purchases

a. government spending and transfer payments.
b. transfer payments and gross investment by government.
c. government consumption expenditure and gross investment.
d. government wages, salaries, and investment expenditure.


c

Economics

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Explain the difference between positive economics and normative economics

What will be an ideal response?

Economics

Market power and externalities are examples of

a. laissez-faire economics. b. public policy. c. market failure. d. welfare economics.

Economics

Improved technology is likely to

A. reduce productivity. B. increase the marginal product of labor. C. displace workers, causing high unemployment. D. reduce wages.

Economics

Differentiate between the Federal deficit and the Federal debt.

What will be an ideal response?

Economics