In the years following the Civil War, the world supply of cotton ____________ and the world demand for cotton _____________
a. increased; also increased
b. decreased; also decreased
c. increased; decreased
d. decreased; increased
c. increased; decreased
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
A decrease in net taxes at a given price level leads to
A. a decrease in aggregate demand. B. no change in aggregate demand. C. a decrease in aggregate supply. D. an increase in aggregate demand.
What determines the amount of labor that households plan to supply?
What will be an ideal response?
Since Social Security benefits are paid from current contributions, the system is a
A) privatized system. B) overfunded system. C) "pay-as-you-go" system. D) defined contribution system.