To know whether a particular situation for a family, business, or government involves an equilibrium or not, one must
A) understand the circumstances fully.
B) determine whether the accounts are in balance.
C) determine whether the credits equal the debits.
D) determine whether a particular portion of the accounts are in balance or not.
Answer: A
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The time lags, which must be either reduced or known with some precision if fiscal policy is to be an effective stabilizing technique, are the lags between
A) the beginning of a cyclical movement and its recognition. B) the decision that compensatory action should be taken and the enactment of tax or expenditure changes. C) the increase or decrease in net government receipts and their final effects on total spending. D) all of the above, because a significant miscalculation with respect to any of these lags could increase aggregate instability.
Would the services supplied by prostitutes and brothels be included in calculating GDP in the United States?
A) Yes, because those are final services. B) Yes, but only in those states where brothels are legal. C) No, because those services are immoral. D) No, because those are not truly economic services.
The value of the marginal product of a resource is equal to:
a. the marginal revenue of the firm, if the product market is perfectly competitive. b. the market price of the product divided by the price of the resource. c. the market price of the product divided by the marginal product of the resource. d. the marginal revenue product of the resource, if the product market is perfectly competitive. e. the marginal product of the resource divided by the price of the resource.
An individual's labor supply curve
A. Slopes downward initially, and then may bend upward. B. Always slopes downward. C. Slopes upward initially, and then may bend backward. D. Always slopes upward.