Which of the following is a key question that must be addressed by an economy?
A) What will be made with our resources?
B) How much will we spend producing products?
C) Where will we produce our products?
D) When should we produce our products?
A
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Which of the following are TRUE regarding "positive" statements? I. They describe what "ought to be." II. They describe what is believed about how the world appears. III. They can be tested as to their accuracy
A) I and II B) II and III C) I and III D) I, II and III
If the government announces a big tax cut, which of the following combinations of events would be most likely to occur?
a. An upward shift of the aggregate expenditure line, a rightward shift of the money demand curve, and a rightward shift of the aggregate demand curve b. A downward shift of the aggregate expenditure line, a leftward shift of the money demand curve, and a leftward shift of the aggregate demand curve c. An upward shift of the aggregate expenditure line, a leftward shift of the money demand curve, and a rightward shift of the aggregate demand curve d. A downward shift of the aggregate expenditure line, a rightward shift of the money demand curve, and a rightward shift of the aggregate demand curve e. An upward shift of the aggregate expenditure line, a rightward shift of the money demand curve, and a leftward shift of the aggregate demand curve.