The Congressional Budget Office, which is staffed by economists, provides Congress with independent evaluations of policy proposals
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following stands true for technological innovation?
a. Actual changes in technology proceed as evenly as expenditures on research and development. b. A decline in spending on research and development may indicate less of a commitment to increasing productivity. c. The purchase of computer hardware or software as investment is not advised because of continuous innovations in the field of IT. d. In developing countries, the benefits of IT innovations are being fully exploited because of a large population. e. Education gives developing countries a substantial advantage over industrial countries in creating and implementing innovations because of a large percentage of skilled labor force in the population.
An increase in the MPC
a. increases the multiplier, so that changes in government expenditures have a larger effect on aggregate demand. b. increases the multiplier, so that changes in government expenditures have a smaller effect on aggregate demand. c. decreases the multiplier, so that changes in government expenditures have a larger effect on aggregate demand. d. decreases the multiplier, so that changes in government expenditures have a smaller effect on aggregate demand.
According to the Cost-Benefit Principle, you should spend an additional hour studying for an exam if, and only if,:
A. the benefits of studying for an additional hour are really high. B. you have time to study for an additional hour. C. the benefits of studying for an additional hour are higher for you than for anyone else in your class. D. the benefits of studying for an additional hour exceed the costs of studying for an additional hour.
In long-run equilibrium under perfect competition,
a. the firm and the industry will have the same cost curves. b. only a very few firms will be earning economic profits. c. the demand curves facing individual firms will fall to the level of minimum AC. d. individual firms will tend to increase their outputs.