Due to the implementation of the Troubled Asset Relief Program and the American Recovery and Reinvestment Act, the Federal budget deficit _____
a. doubled
b. tripled
c. stayed the same
d. decreased significantly
e. quadrupled
a
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Given that all countries have the same Cobb-Douglas production function, i.e. Y/N = (K/N)b, a ten-fold difference in per capita income requires a difference in capital per capita by a factor of
A) 10. B) 10b. C) 101/b. D) b.
Within different price ranges along a demand curve, price elasticities of demand are
a. constant across all price ranges b. different, and greater, equal to, or less than one depending on the price range c. positive or negative, depending upon whether they are elastic or inelastic d. always less than one because total revenue increases when price falls e. always greater than one because total revenue increases when price falls
Is fiscal policy able to influence economic growth?
a. yes, in the short run b. no, because it affects only aggregate demand c. yes, in the long run d. no, because it affects only aggregate supply
Purchases of new plants and equipment plus any desired changes in business inventories are
A. Economic investment. B. Actual investment. C. Undesired investment. D. Desired investment.