Which of the following is a positive statement?
A. When tax revenues are less than government spending there is a budget deficit.
B. Inflation is the most damaging thing that can occur in an economy.
C. We need to carefully protect our borders.
D. Foreign aid should be reduced to help reduce the national debt.
Answer: A
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Calculate the cross-price elasticity of demand between computers and printers, where a 10 percent decrease in the price of computers results in a 15 percent increase in the demand for printers
Which of the following would be considered a component of government purchases?
a. Both d and e b. All of the following c. Welfare payments d. Police salaries e. Social security payments
Which of these economic changes will shift the short-run aggregate supply curve to the left?
a. A hurricane destroying most of the agricultural land in a country b. The discovery of new oil reserves in a country c. A technological breakthrough increasing construction activities d. An increase in the number of skilled workers
The source of diminishing returns is
A. that when each worker is equally capable, each worker adds to production exactly the same as the previous one. B. the fact that anytime you increase labor you get more output. C. the efficiency that results from workers specializing in one aspect of production. D. the inefficiency that results from the fact that capital is fixed.