A form of economic organization that relies primarily on private ownership of productive assets, freedom of exchange, and market prices to allocate goods and resources is often called
What will be an ideal response?
capitalism.
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The idea that business cycles are nothing more than variations in the rate of growth of a full-employment economy is proposed by
a. Keynesian theorists b. Kuznets cycle theorists c. innovation cycle theorists d. real business cycle theorists e. internal cycle theorists
Which of the following is not an input to production?
a. Technology b. Labor c. Physical capital d. Producer expectations about future prices
An experienced software engineer starts a new job with a pay package that is 14 percent higher than her previous salary. The expected inflation in the economy is 10 percent. However, the actual inflation in the following year turns out to be 14 percent. Which of the following costs of inflation did she have to bear?
a. Menu costs b. Shoe-leather costs c. Unit-of-account costs d. Time costs
Refer to the information provided in Figure 23.9 below to answer the question(s) that follow.
Figure 23.9Refer to Figure 23.9. $200 million is
A. where saving equals aggregate expenditures. B. where saving equals consumption. C. the break even income. D. the equilibrium income.