Which statement is true about automatic stabilizers?
A. They have eliminated the business cycle.
B. They have helped smooth out the business cycle.
C. They have been completely ineffective.
D. None of the statements are true of automatic stabilizers.
B. They have helped smooth out the business cycle.
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Abstraction ignores many details in order to focus on the most important elements of a problem
a. True b. False Indicate whether the statement is true or false
Nominal GDP is defined as the:
A. Value of output in current dollars. B. Dollar value of services but not goods. C. Output produced by domestically owned factors of production regardless of where the factors are located. D. Value of output in constant prices.
Net exports is defined as
A. exports plus imports. B. exports minus imports. C. imports minus exports. D. that portion of consumption and investment goods sent to other countries.
Suppose that a study is released stating that the fewer speeding tickets a person is issued, the less gasoline they tend to purchase. This is best described as an example of
A. positive correlation. B. negative correlation. C. positive causation. D. negative causation.