Which factor of production includes water?
A) physical capital
B) human capital
C) land
D) entrepreneurship
C
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The U.S. economic data for the last 50 years indicates that
A) there is an inverse relationship between unemployment rate and inflation rate. B) there is a direct relationship between unemployment rate and inflation rate. C) during recessions the unemployment rate was always twice as high as the inflation rate. D) there has been no long-run relationship between unemployment and inflation rates.
The loss of the profit motive by a publicly owned natural monopoly could:
A. increase the motivation to improve efficiency. B. reduce the motivation to improve efficiency. C. increase the incentive to provide better service. D. increase the incentive to lower costs.
An increase in government purchases will increase GDP by an amount equal to the change in government purchases times the expenditure multiplier
a. True b. False
In the rational expectations model, government control over aggregate demand
a. can affect real output only if policies are unexpected. b. has potential to change real output as long as aggregate supply is vertical. c. gives it the ability to change real output and employment. d. does not influence the economic behavior of individuals.