Paul Romer, an economist at Stanford University, is most closely associated with what economic theory?
A) the process of creative destruction B) the Communist Manifesto
C) new growth theory D) labor productivity theory
C
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Newspaper machines and soda vending machines operate very differently. The newspaper machine is a mechanical box. You place your four quarters in the machine and you open the door and low and behold there is a stack of newspapers at your disposal
Most people take one and close the door for the next patron to purchase his own copy. But notice that soda vending machines don't operate the same way. They are also mechanical but when the four quarters are inserted and a selection is made only one can of soda is available for the consumer to purchase. Explain in terms of marginal utility why these two machines are designed so differently?
What will be the effects of a decrease in government spending?
a. an increase in equilibrium GDP, a decrease in money demand, a decrease in the interest rate, and an increase in investment spending b. a decrease in equilibrium GDP, a decrease in money demand, an increase in the interest rate, and a decrease in investment spending c. an increase in equilibrium GDP, an increase in money demand, an increase in the interest rate, and an increase in investment spending d. a decrease in equilibrium GDP, a decrease in money demand, a decrease in the interest rate, and an increase in investment spending e. an increase in equilibrium GDP, an increase in money demand, an increase in the interest rate, and a decrease in investment spending
Commodity money cannot be used as a unit of account
a. True b. False Indicate whether the statement is true or false
If the marginal propensity to consume (MPC) is 0.75 and there is an increase in planned investment spending of $1 trillion, then saving will
A. increase by $0.5 trillion. B. increase by $1 trillion. C. increase by $1.5 trillion. D. remain unchanged.