________ a nation's production possibilities frontier represents economic growth
A) An outward shift of
B) An inward shift of
C) Moving up along
D) Moving down along
Answer: A
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Economists acting as scientists make positive statements, while economists acting as policy advisers make normative statements
a. True b. False Indicate whether the statement is true or false
If the Federal Open Market Committee wants to decrease the money supply through open market operations it will
A) buy U.S. Treasury Securities. B) sell U.S. Treasury Securities. C) increase the discount rate. D) decrease the discount rate.
The price of a financial asset equals the
A) future value of all payments B) sum of all payments C) present value of all future payments D) difference between the future value and present value of all payments
What effect have Medicare subsidies had on the consumption of medical services?
A) The consumption of medical services has been unaffected, because people don't consider the financial cost when seeking services related to their health. B) The consumption of medical services has been unaffected, because government restrictions have prevented patients from seeking a level of care above and beyond what they would choose if they had to pay for medical treatment out of pocket. C) The consumption of medical services has increased because Medicare subsidies give people the incentive to seek more care than they would otherwise. D) The effect cannot be measured because it is difficult to quantify the amount of resources devoted to our health care system.