Refer to the information provided in Figure 3.16 below to answer the question(s) that follow.
Figure 3.16Refer to Figure 3.16. When the economy moves from Point C to Point E, there has been
A. an increase in supply and an increase in quantity demanded.
B. a decrease in quantity supplied and a decrease in demand.
C. a decrease in supply and a decrease in quantity demanded.
D. an increase in demand and an increase in quantity supplied.
Answer: D
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Libertarians believe that
a. it is more important to evaluate the process by which economic outcomes are produced than the outcomes themselves. b. government should attempt to redistribute income from the rich to the poor when the gap between rich and poor is more than 20%. c. equality of income is more important than equality of opportunity. d. it is more important to evaluate economic outcomes first and then the process that produced them.
Gross domestic product (GDP) can be calculated using either the expenditure method or the income method.
Answer the following statement true (T) or false (F)
Which statement is false?
A. The rate of inflation rose during the Eisenhower Administration. B. The United States' economy has not had an unemployment rate below 5 percent since the early 1940s. C. President Reagan believed the federal government should "tax, tax, tax, spend, spend, spend", its way to prosperity. D. All of the statements are false.
The portion of income that is spent on productive inputs, such as factories, machinery, and inventories, is called:
A. loanable funds. B. consumption spending. C. investment. D. savings.