Adam Smith authored which famous early book on economics:
A) The Wealth of Nations
B) Principle of Economics
C) Essays on Wealth
D) Money and Capital
Answer: A) The Wealth of Nations
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?The Keynesian-cross model is based on the idea that the ____ must equal total output.
a. components of consumption
b. components of aggregate supply
c. components of aggregate demand
d. net exports
The best measure of how much output the average person would get if all output were divided evenly among the population would be
A. The economic growth of the economy. B. GDP. C. Per capita GDP. D. The capital stock of the economy.
What may be the reasons that explain the observation that during periods of hyperinflation economic growth actually slows or even contracts?
What will be an ideal response?
To "accommodate" an expansionary fiscal policy, the Fed ________ the money supply in order to hold ________ constant
A) expands, the interest rate B) expands, real income C) contracts, the interest rate D) contracts, real income