In a market socialist economy
a. Resources are allocated by the market
b. Property is owned by the state or by collectives
c. Information is centralized
d. There are no public choices
e. Both a and b
E
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In a free market economy, the decisions of buyers and sellers are:
A. coordinated by the government. B. random. C. motivated by custom and tradition. D. guided by prices.
The aggregate supply curve is
a. a curve showing the quantities of total output that business will purchase for investment at various price levels. b. a curve showing the quantities of total output that will be offered for sale at various price levels. c. a curve showing the quantities of goods and services that households will provide at various price levels. d. one point on the aggregate expenditure curve.
Which of the following is a normative statement? a. An increase in taxes will cause higher unemployment
b. An increase in tariffs will increase the domestic prices paid by consumers. c. Income should be redistributed from the top 2% of wage earners to the lower income brackets. d. Running government budget deficits leads to higher market interest rates.
If the expenditure multiplier is 10 and investment spending decreases by $1,000 billion, what will be the change in GDP?
a. -$10,000 b. $2,500 c. $1,000 d. $10,000 e. -$1,000