"Government failure" is a prominent topic in:
A. public choice theory.
B. Keynesian economics.
C. socialist theory.
D. behavioral economics.
Answer: A
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Because there are ________ for total factor productivity, ________ must be the explanation for increases in labor productivity and the standard of living
A) diminishing marginal returns; capital accumulation B) no diminishing marginal returns; total factor productivity C) no diminishing marginal returns; capital accumulation D) diminishing marginal returns; total factor productivity
Suppose the government wants to maintain a balanced budget. To achieve this goal, when the economy falls into recession government would need to ________ taxes, which would cause aggregate demand to ________
A) decrease; decrease B) decrease; increase C) increase; decrease D) increase; increase
Yvone is debating whether to take a job as a professional therapist or a florist. She will earn $40,000 a year as a therapist or $25,000 a year as a florist. If Yvone chooses to be a therapist, the economic rent is
A. $40,000. B. $15,000. C. $25,000. D. unable to determine.
In 2009, we ran a ________ on our current account and a _______ on our capital account.
A. deficit; deficit B. surplus; surplus C. deficit; surplus D. surplus; deficit