In the United States, business cycles have occurred against a backdrop of a long-run trend of
A. declining unemployment.
B. rising real GDP.
C. rising inflation.
D. stagnant productivity growth.
Answer: B
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The primary goal of an agricultural extension service is to
(a) bring new areas under cultivation. (b) increase the yield per hectare. (c) introduce land reform. (d) assist rural-urban migration.
Assume that all taxes are lump-sum, net exports = 0, and the marginal propensity to consume is 0.8. Then, if investment and taxes were each to fall by $100 million, the equilibrium level of income would
A) rise by $100 million. B) fall by $100 million. C) rise by $500 million. D) fall by $500 million.
If the seller of a good gets less than his/her opportunity cost and the buyer pays more than his/her valuation of the good, economic value is created
Indicate whether the statement is true or false
How do macroeconomists differ from microeconomists?
a. the basic tools of analysis b. the underlying principles c. the use of abstractions and models d. the problems studied e. All of the above are correct.