A(n) _______ does not pose the problem of scarcity; one use of the good is not an alternative to another use.
A) free good
B) scarce good
C) economic good
D) monetary good
Ans: A) free good
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Of the 2.2 million working farms in the U.S., _________ of them produce more than $5,000 worth of agricultural products.
A. one quarter B. half C. three quarters D. one third
Assume that GDP = $10,000 and the MPC = 0.75. If policy makers want to increase GDP by 30 percent, by how much should they decrease taxes?
A) $300 B) $750 C) $1,000 D) $3,000
If the economy is initially in short-run equilibrium and then experiences a positive demand shock, real GDP will ________ relative to potential GDP and the real interest rate will ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Analysis that is limited to making either purely descriptive statements or scientific predictions is
A) positive economics. B) normative economics. C) microeconomics. D) macroeconomics.