Personal income and personal disposable income refer to payments ultimately flowing to:
A. firms.
B. households.
C. governments.
D. foreigners.
Answer: B
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Diminishing returns means that
A) each additional unit of labor produces successively more real GDP. B) hiring more labor must lower the real wage rate. C) each extra unit of real GDP produced requires less labor. D) hiring more labor results in less real GDP. E) each additional unit of labor produces successively less real GDP.
According to the HRV growth diagnostic framework why is there no "one size fits all" development policy?
What will be an ideal response?
The Fed can engage in preemptive strikes against a rise in inflation by ________ the federal funds interest rate; it can act preemptively against negative demand shocks by ________ the federal funds interest rate
A) raising; lowering B) raising; raising C) lowering; lowering D) lowering; raising
In the U.S. economy, which of the following is NOT a generally accepted economic function of government?
A) providing public goods B) distributing consumer goods C) ensuring economy-wide stability D) promoting competition in the marketplace