Which of the following statements is true about the U.S. economy?
A) Each year, many new jobs are created, but few existing jobs are destroyed, and the unemployed find jobs quickly.
B) Each year few jobs are created, and therefore it takes the unemployed a long time to find a new job.
C) Each year, few new jobs are created, but few existing jobs are destroyed, keeping unemployment low.
D) Each year, many new jobs are created and many existing jobs are destroyed.
D
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If businesses spend an additional $150 billion for investment projects in 2010, what will be the impact on national income (Y) if the multiplier is 2?
A. Y will increase by $50 billion. B. Y will increase by $150 billion. C. Y will increase by $300 billion. D. Y will increase by $450 billion.
Government purchases
a. are only weakly related to aggregate income b. include spending on goods and services plus transfer payments c. are inversely related to aggregate income d. are inversely related to the price level e. are inversely related to the interest rate
The phenomenon of free riding is most closely associated with which type of good?
a. private goods b. club goods c. common resources d. public goods
A curve that shows the various combinations of goods and services that are possible for an economy to produce with a given amount of resources is referred to as a(n):
A) supply curve. B) isocost curve. C) budget constraint. D) production possibilities curve.