Over half of government spending is discretionary spending
Indicate whether the statement is true or false
FALSE
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Increases in the productivity of labor result partly from
A. increases in the quantity of labor. B. improvements in technology. C. the law of diminishing returns. D. reductions in wage rates.
A change in the output gap is likely to lead to ________
A) a change in inflation B) a change in expected inflation C) a shift of the short-run aggregate supply curve D) all of the above E) none of the above
If scientific research produces a technological breakthrough in the production of computer memory, then
a. business costs will increase, profits will fall, and production will decrease. b. business costs will fall, but profits will also fall, and production will decrease. c. business costs will fall, profits will improve, and production will increase. d. profits will increase, allowing businesses to cut back production.
In the circular-flow diagram,
a. factors of production flow from government to firms. b. goods and services flow from households to firms. c. income paid to the factors of production flows from firms to households. d. spending on goods and services flows from firms to households.