A positive economic statement is:
a. an opinion of an action that should be taken.
b. an action that will have a positive effect on the economy.
c. a statement testable by facts.
d. a claim that the speaker is positive will occur.
e. always a microeconomic position.
c
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One school of thought that emphasizes the role that taxes play in an economy's supply of output is known as
A) classical economics. B) tax-and-spend economics. C) demand-pull economics. D) supply-side economics.
Keynesians believe that the transactions demand for money influences the velocity of money
Indicate whether the statement is true or false
Gross domestic product (measured in real dollars) is an important social tool because it provides
a. observers with a reasonably good index of social progress. b. policy makers with a measure of the nation's total wealth. c. policy makers with information about the economy's current rate of output and the direction of recent changes. d. economists with a reasonably good measure of income inequality.
Since 1953 the United States has imposed a quota to limit the imports of peanuts. Figure 9-3 illustrates the impact of the quota. Refer to Figure 9-3. What is the area that represents the deadweight loss as a result of the quota?
A) G + H
B) G + H + I + J
C) E + I + J + M
D) E + M