Which of the following is not listed in the book as a reason to study economics?
A. to be an informed citizen
B. to understand society
C. to learn a way of thinking
D. to learn how to make lots of money
Answer: D
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Answer the following statement(s) true (T) or false (F)
1. No one benefits when interest rates rise, because everyone's current consumption will be lowered. 2. Future productivity increases will be reflected in higher interest rates today. 3. Increases in interest rates lead to overall net gains. 4. A higher demand for capital implies a lower supply of current consumption. 5. A perpetuity is a bond with an established maturity date.
Referring to a production possibilities curve and the goods being compared, depict the economic event. Millions of immigrants came to the United States in the second half of the 19th century to work on the transcontinental railroad (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on or near the curve B. A movement from a point on or near the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)
The relationship between government spending and the price level explains the:
A. perfect elasticity of the aggregate demand curve. B. downward-sloping aggregate demand curve. C. upward-sloping aggregate demand curve. D. None of these is true.
________ portion of actual world trade patterns results from different factor endowments between countries.
A. No B. A significant C. A small D. A negative