Traditionally, economists regarded improvements in technology as
A. the most important factor that helped explain economic growth, and basically the only factor that would cause economic growth.
B. an outside factor that helped explain economic growth.
C. unrelated to economic growth in any systematic way.
D. an important factor in explaining economic growth that was due to economic forces that also could easily be explained.
Answer: B
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"Employment fell last month to its lowest level in the last six years" is an example of: a. the fallacy of composition. b. positive economics
c. normative economics. d. none of the above
The downward-sloping aggregate demand curve is partly due to the:
A. positive relationship between the price level and government spending. B. positive relationship between the price level and net exports. C. negative relationship between the price level and net exports. D. negative relationship between the price level and government spending.
Suppose you are choosing between milk and cookies. If the opportunity cost of cookies in terms of milk increases, then the budget curve will
A. shift outward. B. rotate outward. C. rotate inward. D. shift inward.
The labor force is the part of the adult population that is either working or actively looking for a job.
Answer the following statement true (T) or false (F)