Economics is most precisely defined as
A) a study of what people need to survive.
B) a study of how culture evolves in different geographic areas.
C) the same as the study of finance and management.
D) the study of how people make choices.
D
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In an expansion, federal tax revenues increase proportionally more than real GDP without the need for any government policy. This increase is an example of
A) the effect of deficit spending. B) discretionary fiscal policy. C) automatic fiscal policy. D) automatic monetary policy. E) discretionary monetary policy.
In the country of Konswano there are 4 people. Each person lives for 40 years. In their first 10 years, they earn no income. In the next 20 years, they earn $40,000 per year and in the last 10 years they earn no income
Each year their consumption is $20,000. If everyone in Konswano is 25 years old, then the Lorenz curve for income is ________. A) above the Lorenz curve for wealth B) above the line of equality C) equal to the line of equality D) below the Lorenz curve for wealth