Social Security was enacted in the
A. 1910s.
B. 1960s.
C. 1870s.
D. 1930s.
Answer: D
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Real business cycle theory explains variations in prices, employment, and real Gross Domestic Product (GDP) by focusing on
A) changes in real variables such as supply shocks, technological changes, and shifts in the composition of the labor force. B) anticipated changes in fiscal policy enacted by the government. C) the effects of the Phillips curve. D) anticipated monetary policies enacted by the Fed.
Inventories refer to
A) goods that have been planned but not yet produced. B) goods that have been produced and sold in the same year. C) goods which have been presold before they are produced. D) goods that have been produced but not yet sold.
Which of the following is one source of disagreement between economists?
a. Some facts about the economy are unknown. b. Economists differ in their political persuasions. c. Economic theory may not always give an unambiguous answer to a question. d. Solving one problem may make another problem worse. e. All of the above are correct.
An initial increase in investment spending will generate:
a. More of an increase in income than the initial increase because of the multiplier effect b. Less of an increase in income than the initial increase because of the multiplier effec c. Less of an increase in income than the initial increase because of the net export effect d. More of an increase in income than the initial increase because of the net export effect