Which of the following correctly orders U.S. income measures from largest to smallest?
a. disposable personal income, gross national product, national income, net national product, personal income
b. personal income, net national product, national income, gross national product, disposable personal income
c. gross national product, net national product, national income, personal income, disposable personal income
d. disposable personal income, personal income, national income, net national product, gross national product
c
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The invention of the cotton gin ushered in the Industrial Revolution and began a long period of technological innovation. What did this technological change do the short-run supply curve?
A) It moved the economy down along a stationary short-run aggregate supply curve. B) It shifted the short-run aggregate supply curve to the right. C) It shifted the short-run aggregate supply curve to the left. D) It moved the economy up along a stationary short-run aggregate supply curve.
While tariff levels have been falling over the past several decades, nontariff barriers have been used increasingly
Indicate whether the statement is true or false
Households are vital to the circular flow model in what two ways?
A. They supply factors of production and purchase goods and services. B. They export goods and services and import goods and services. C. They vote for political officers and pay taxes. D. They facilitate exchange between consumers and firms.
Which of the following would tend to increase aggregate demand, other things equal?
a. An increase in the money supply curve b. A decrease in the money supply curve. c. An increase in the money demand cuvre. d. Both a. and c. would tend to increase aggregate demand, other things equal.