An example of a positive statement is:
A) The rate of unemployment is 4 percent.
B) A high rate of economic growth is good for the country.
C) Everyone in the country needs to be covered by national health insurance.
D) Baseball players should not be paid higher salaries than the president of the United States.
Ans: A) The rate of unemployment is 4 percent.
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If an economy grows at 6 percent per year, how many years would it take for real GDP to double?
What will be an ideal response?
When there is a surplus in the market, the quantity sold is
A) equal to the quantity supplied. B) equal to the quantity demanded. C) less than the quantity demanded. D) greater than the quantity bought.
There is an increase in government expenditures financed by taxes and its overall short-run effect on output is larger than the change in government spending. Which of the following is correct?
a. By themselves, both the change in output and the change in the interest rate increase desired investment. b. By themselves, both the change in output and the change in the interest rate decrease desired investment. c. By itself, the change in output increases desired investment spending and by itself the change in the interest rate decreases desired investment spending. d. By itself, the change in output decreases desired investment spending and by itself the change in the interest rate increases desired investment spending.
The first economist to analyze economic rent was
A) Henry George. B) David Ricardo. C) Karl Marx. D) John Stuart Mill.