A decrease in RGDP will shift the demand curve ______.
a. rightward
b. leftward
c. upward
d. downward
b. leftward
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What is meant by saying that economics is an empirical science?
A) Economic theories will be tested by seeing how well they correspond to people's declared preferences. B) Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision. C) Economic theories cannot be tested because economic variables change too quickly. D) Economic theories will be tested by seeing how well they correspond to real-world phenomena.
The main reason economists are concerned about the problem of idle or unemployed resources is that: a. high rates of crime are related to high rates of unemployment
b. high rates of inflation are caused by idle land, labor, and capital resources. c. government benefits paid to unemployed workers put stress on the federal budget. d. unemployed resources mean less production and a lower standard of living for the nation.
Government transfer payments are income earned by individuals who work for the federal government
a. True b. False Indicate whether the statement is true or false
Quantitative easing occurs when a nation’s central bank uses monetary policy to: