Economics > EXAMs > Global Economy (Econ,IS 13) Homework (All)

Global Economy (Econ,IS 13) Homework

Document Content and Description Below

In the United States, incomes have historically grown a. about 0.5 percent per year. b. about 2 percent per year. c. about 4 percent per year. d. about 6 percent per year. ____ 2. Which of th ... e following is an important cause of inflation in an economy? a. increases in productivity in the economy b. the influence of positive externalities on the economy c. lack of property rights in the economy d. growth in the quantity of money in the economy ____ 3. The business cycle is the a. relationship between unemployment and inflation. b. irregular fluctuations in economic activity. c. positive relationship between the quantity of money in an economy and inflation. d. predictable changes in economic activity due to changes in government spending and taxes. ____ 4. In the circular-flow diagram, a. profit flows from households to firms. b. labor flows from households to firms. c. services flow from households to firms. d. All of the above are correct. ____ 5. Where can an economy not produce? a. inside its production possibilities frontier b. on its production possibilities frontier c. outside its production possibilities frontier d. at the endpoints of its production possibilities frontier ____ 6. Normative statements are a. descriptive. b. claims about how the world should be. c. claims about how the world is. d. made by economists speaking as scientists. ____ 7. A movement upward and to the left along a demand curve is called a(n) a. increase in demand. b. decrease in demand. c. decrease in quantity demanded. d. increase in quantity demanded. [Show More]

Last updated: 3 years ago

Preview 1 out of 18 pages

Buy Now

Instant download

We Accept: