If technological change occurs in the economy,
A) the long-run aggregate supply curve will shift to the left.
B) we will move up along the long-run aggregate supply curve.
C) we will move down along the long-run aggregate supply curve.
D) the long-run aggregate supply curve will shift to the right.
D
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When the government's outlays exceed its tax revenue, the national debt
A) shrinks thanks to the budget surplus. B) grows to finance the budget deficit. C) shrinks thanks to the budget deficit. D) grows to finance the budget surplus. E) does not change because it has nothing to do with government outlays and tax revenue.
Economics is different from a "hard" science like physics because: a. economists abstract from reality in creating their theories
b. economics is easier to study than physics. c. economists must explain their theories to policy makers who lack formal mathematical training. d. economists cannot easily control all the variables that might influence human behavior.
Which of the following is likely to shift the production possibilities curve outward? a. A change in preferences away from one of the goods and toward the other
b. An invention that reduces the amount of natural resources necessary for producing a good. c. The discovery of new natural resources. d. Both b. and c. are likely to shift the production possibilities curve outward.
Which of the following macroeconomic schools of thought has dominated the economics profession from the 1940s through the 1960s?
a. New classical economics b. Classical economics c. Keynesian economics d. Rational economics e. Positive economics