Making choices that are expected to achieve the highest possible value for some objective is termed:
A) maximizing.
B) minimizing.
C) sanitizing.
D) satisfying.
Ans: A) maximizing.
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Which of the following involves the LEAST risk from the point of view of the employee?
A. Profit sharing B. Piece rate C. Revenue sharing D. Annual salary
Over the long run, a government's fundamental source of revenues is
A) printing money. B) user fees and taxes. C) exports. D) gold sales.
For a government to add to the supply of loanable funds, it must
A) borrow. B) increase its investment demand. C) have a budget deficit. D) raise the real interest rate. E) have a budget surplus.