The process by which resources are transformed into useful forms is
A. production.
B. allocation.
C. consumption.
D. capitalization.
Answer: A
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As a percentage of GDP, imports are greater than exports for which of the following countries?
A) the Netherlands B) the United States C) Germany D) Italy
Which of the following is both a financial institution and a financial intermediary?
a. banks b. stock exchanges c. the bond market d. All of the above are correct.
Over the past 100 years, as the U.S. economy's income has grown,
a. tax rates have decreased, while tax revenues have increased. b. tax rates have increased, while tax revenues have decreased. c. both tax rates and tax revenues have increased. d. both tax rates and tax revenues have decreased.
Assume that the economy is in a recession with a price level of P1 and output level Q1. The government then adopts an appropriate discretionary fiscal policy. What will be the most likely new equilibrium price level and output?
Refer to the graph above.
A. P2 and Q4
B. P1 and Q1
C. P2 and Q2
D. P1 and Q3