A graphical representation of the choices between two allocations of resources is called
A) the production possibilities frontier.
B) supply and demand.
C) the free choice model.
D) the moral hazard model.
A
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The part of consumption that is independent of disposable income is called
A) autonomous consumption. B) fixed consumption. C) automatic consumption. D) personal consumption.
Adjustments to GDP to account for environmental impacts is
a. ecodevelopment b. sustainable growth c. externalities d. environmental accounting e. none of the above
If there is a recession, the Fed would most likely
a. increase bank reserves by raising the discount rate. b. increase bank reserves by buying government securities. c. decrease bank reserves by raising the discount rate. d. decrease bank reserves by selling government securities. e. decrease bank reserves by lowering the legal reserve requirement.
Which of the following allows the president of the United States to negotiate to eliminate unfair trade practices put in place by foreign governments?
A. The United Nations B. Tariff-quota requirements C. Section 301 of the Trade Act of 1974 D. The General Agreement on Tariffs and Trade