Adam Smith believed that people are guided by
A. the principle "let your conscience be your guide."
B. greed.
C. the public good.
D. an innate sense of fairness.
B. greed.
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Contractionary policies are policies designed to
A) increase the level of real GDP. B) increase the federal deficit. C) reduce the level of real GDP. D) increase government spending.
When the government runs a budget deficit, we would expect to see that
A) public saving is positive. B) private saving will fall. C) G + TR < T. D) investment will fall.
The weak euro in 1999-2000 put upward pressure on inflation in Europe by increasing the price of imported goods
Indicate whether the statement is true or false
The major difference between the Keynesian model and the classical theory of employment is that
A. the interest rate will not always equalize savings and investment. B. not everything produced will necessarily be purchased. C. saving and investing are done by different people for different reasons. D. wages and prices are assumed to be flexible downwards.