According to mainstream economists the basic determinant of real output, employment, and the price level is:
A. Information and people's expectations
B. The level of aggregate expenditures
C. The incentive to work, save, and invest
D. The supply of money
B. The level of aggregate expenditures
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Although finished goods are scarce, the inputs to produce them are not scarce.
Answer the following statement true (T) or false (F)
Suppose a developing country experiences a reduction in machinery and capital equipment as foreign entrepreneurs decrease the amount of investment in the economy. As a result
A) the economy will move up along the long-run aggregate supply curve. B) the long-run aggregate supply curve will shift to the right. C) the long-run aggregate supply curve will shift to the left. D) the economy will move down along the long-run aggregate supply curve.
Economic policy that appears to be ideal in an economics textbook may not be the final policy that is approved by elected politicians because
a. sometimes a politician's self interest may conflict with the national interest. b. economics professors have a notoriously low voting rate. c. only policies advocated by the President's Council of Economic Advisors receive enough national attention to interest politicians. d. Economists cannot explain why politicians do not implement the ideas from their textbooks.
A "payday loan" is a ________ amount of money borrowed for short period, by ________ income people who have a checking account, a job, and direct deposit of their paycheck
a. large; higher b. small; higher c. large; lower d. small; lower