From 1990 to the year 2000, real federal spending rose about 21 percent, while from 2000 to 2010, real federal spending rose by about
a. 17 percent.
b. 30 percent.
c. 59 percent.
d. 112 percent.
C
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Aggregation means the:
A. worsening of an economic situation. B. adding up of individual economic variables to obtain economy wide totals. C. participation in national economic policy discussions D. enhancement of the power and wealth of a nation.
If the demand for hamburgers decreases, the equilibrium price
A) rises and the equilibrium quantity increases. B) falls and the equilibrium quantity increases. C) rises and the equilibrium quantity decreases. D) falls and the equilibrium quantity decreases.
Economists assume that rational behavior is useful in explaining choices people make
A) because irrational people do not make economic choices. B) because individuals act rationally all the time in all circumstances. C) even though people rarely, if ever, behave in a rational manner. D) even though people may not behave rationally all the time.
Which of the following is a fixed cost?
A) payment to hire a security worker to guard the gate to the factory around the clock B) wages to hire assembly line workers C) payments to an electric utility D) costs of raw materials