The quantity supplied of a good or service is the amount that
A) producers wish they could sell at a higher price.
B) is actually bought during a given time period at a given price.
C) people are willing to buy during a given time period at a given price.
D) producers plan to sell during a given time period at a given price.
D
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The Mint Act of 1792, following the ideas of Thomas Jefferson and Robert Morris, set the U.S. up as
(a) a silver standard country. (b) a paper-money country. (c) a gold-standard country. (d) a bimetallic country.
If the marginal propensity to consume (MPC) is 0.8, the spending multiplier will be
A) 0.2. B) 1.25. C) 4.0. D) 5.0.
Which of the following groups believes that by managing aggregate demand, government can achieve the most acceptable combination of unemployment and inflation?
a. classical school b. monetarists c. neo-Keynesian school d. rational expectations school e. supply-side school
Economists make use of assumptions, some of which are unrealistic, for the purpose of
a. teaching economics to people who have never before studied economics. b. advancing their political agendas. c. developing models when the scientific method cannot be used. d. focusing their thinking.