If the U.S. government decides to distribute surplus cheese to food banks for the homeless, the government is addressing the question of
a. which goods and services should be produced with society's scarce resources
b. what production methods should be used to produce goods and services
c. how will output be allocated among the individuals in the society
d. what prices will be charged for goods and services
e. determining the optimal degree of specialization
C
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The consumption function shows the relationship between
a. planned consumption expenditures and disposable income. b. permanent income and savings. c. business inventory and real GDP. d. aggregate demand and aggregate consumption.
Cyrus McCormick and Eli Whitney were important in the technology of
A. steel. B. automobiles. C. agriculture. D. oil.
Which statement is true?
A. Virtually all of the poor receive public assistance, but not food stamps. B. Virtually all of the poor receive food stamps, but not public assistance. C. Virtually all of the poor receive public assistance and food stamps. D. None of these statements are true.
What is potential GDP?
A) It is the level of real GDP in the long run. B) It is the difference between current GDP and maximum GDP. C) It is the level of real GDP in the short run. D) It is the level of GDP at which inflation is constant.