The largest portion of discretionary spending is devoted to
A) foreign aid.
B) national defense.
C) paying federal employees.
D) the space program.
B
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John Maynard Keynes noted that
A. we could print all the money we want and still have scarcity. B. "to secure the greatest amount of pleasure with the least possible outlay should be the aim of all economic effort." C. the general notion that scarcity is due to not having enough money is an illusion. D. we could print all the money we want and still have scarcity AND the general notion that scarcity is due to not having enough money is an illusion.
Which of the following is not a flow in the circular flow model?
A) the flow of profit and the flow of revenue B) the flow of income earned by households and the flow of expenditures incurred by households C) the flow of revenue received by producers and the flow of payments to resource owners D) the flow of goods and services and the flow of resources to produce goods and services
Suppose that the central bank must follow a rule that requires it to increase the money supply when the price level falls and decrease the money supply when the price level rises. If the economy starts from long-run equilibrium and aggregate demand shifts right, the central bank must
a. decrease the money supply, which shifts aggregate demand further right. b. decrease the money supply, which shifts aggregate demand left. c. increase the money supply, which shifts aggregate demand further right. d. increase the money supply, which shifts aggregate demand left.
Altering the marginal cost of preventive screening by reducing the out-of-pocket cost to zero:
a. will result in everyone with this coverage taking advantage of the free care and receiving the screenings. b. has little effect on the consumption of medical services. c. is a wise use of resources and results in more efficient screening outcomes. d. results in over-investment on screening technology. Using the funds elsewhere could have improved overall welfare.