Who benefits the most from competitive markets?
A. Consumers
B. Producers
C. The government
D. Investors
Answer: A
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Although GDP is not the same as economic well-being, high levels of GDP are positively correlated with all of the following except:
A. longer life expectancies. B. higher rates of infant mortality. C. higher material standards of living. D. higher rates of literacy.
The equation for aggregate expenditure is as follows:
a. C + I + G + (X - M) b. C + I + P + (X – M) c. I + G + (X – M) d. C + G + (X – M)
The table below shows how the payoffs to two political candidates depend on whether the candidates run a positive or negative campaign. The payoffs are given in terms of the percentage change in the number of votes received.
Running a negative campaign is ________ for the ________ candidate.
A. a dominant strategy; Democratic B. a dominated strategy; Democratic C. neither a dominant nor dominated strategy; Republican D. a dominated strategy; Republican
Assuming a long-run aggregate supply curve, a decrease in taxes results in ________ in output and ________ in price level.
A. a decrease; a decrease B. no change; an increase C. no change; a decrease D. an increase; no change