Governmental rules that significantly promoted entrepreneurship first became prominent during the
a. Great Recession.
b. Age of Enlightenment.
c. Great Depression.
d. Industrial Revolution.
d
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The adding up of individual economic variables to obtain economy wide totals is called:
A. average labor productivity. B. monetary policy. C. normative analysis. D. aggregation.
Assume a competitive market is in equilibrium. There is an increase in demand, but no change in supply. As a result the equilibrium price ________, and the equilibrium quantity ________
A) rises; increases B) rises; does not change C) falls; does not change D) falls; decreases E) falls; increases
If leisure is a normal good, then a decrease in income __________ the time allocated to __________
a. decreases; market work b. decreases; leisure c. decreases; nonmarket work d. increases; leisure e. increases; market work, nonmarket work, and leisure time
Starting at full employment (RGDPNR), a. expansionary monetary policy can potentially result in increased real output, but only in the short run
b. expansionary monetary policy can potentially result in increased real output in both the short run and long run. c. contractionary monetary policy can potentially result in increased real output, but only in the short run. d. contractionary monetary policy can potentially result in increased real output in both the short run and long run.