An increase in aggregate demand when the economy is operating at high levels of output is likely to result in
A. an increase in the overall price level but little or no increase in output.
B. little or no increase in either output or the overall price level.
C. an increase in output but little or no increase in the overall price level.
D. a large increase in both output and the overall price level.
Answer: A
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The change in the amount of a good purchased after a shift of the supply curve depends on
A. the size of the shift. B. the slope of the demand curve. C. whether the market is subject to price controls. D. All of these responses are correct.
The Beard-Hacker Thesis claims that post-bellum economic growth in the United States:
a. was slowed by rapid immigration. b. was accelerated by rapid immigration from English speaking countries. c. was slowed by the formation of industrial monopolies. d. was accelerated by economic and financial changes generated by the Civil War.
Mutually beneficial trade is impossible when different persons have different preferences about goods and services.
Answer the following statement true (T) or false (F)
As of 2014, the Social Security program (excluding Medicare) constitutes what percentage of U.S. GDP?
A. 8.5 percent. B. 12.2 percent. C. less than one-half of 1 percent. D. 11.4 percent.