Following the war-time prosperity for capital and the rich during World War I (1914–18), income distribution trended towards greater equality when peace came and market forces replaced the economy's wartime concerns in determining income
distribution. Indicate whether the statement is true or false
True
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Economic growth would be illustrated by
A) a rightward shift of aggregate demand. B) a leftward shift of aggregate demand. C) a rightward shift of aggregate supply. D) a leftward shift of aggregate supply.
When a business produces a product that creates external costs
A) the company produces a level of output larger than would be produced without the external cost. B) the company produces a level of output smaller than would be produced without the external cost. C) the company produces a level of output which would be the same as it would produce without the external cost. D) the market provides the efficient level of output even with the existence of the external cost.
In contrast to changes in government spending, tax changes affect spending
a. directly. b. in the same proportion. c. by a greater amount. d. indirectly.
Which of the following determines the opportunity set of possible choices for leisure and income?
a. The wage rate b. The aggregate price level c. The unemployment rate d. The utility from leisure