Economics is mainly about

Economics is mainly about

a efficiency only

b resource allocation

c how to best use money

d deciding who is affected by taxatio

Economics is mainly about

n fiscal policy

n fiscal policy

a the Fed chairman usually recommends policy choices to the government

b the President and the Congress play key roles

c interest rates are not affected by the policy

d deficits are unimportant

n fiscal policy

Keynesian economics favors government spending and

Keynesian economics favors government spending and is

a a classical economics concept in nature

b essentially not an economic concept

c a part of fiscal policy

d a part of monetary policy

Keynesian economics favors government spending and

When oranges are plentiful as a result of a good growing season, what happens to the market price of oranges

When oranges are plentiful as a result of a good growing season, what happens to the market price of oranges?

a It goes up.

b It goes down.

c It widely fluctuates

d None of the above

When oranges are plentiful as a result of a good growing season, what happens to the market price of oranges

he supply curve represents a relationship between

he supply curve represents a relationship between

a the producer and the market

b the suppliers and the firm

c price of a product and its production quantity

d produced goods and the economy as a whole

he supply curve represents a relationship between

Tax and spend is

Tax and spend is

a a classical economics concept in nature

b a Keynesian concept in nature

c primarily an emphasis on free enterprise economy

d a little used area of monetary policy

Tax and spend is

If real income has risen from $4 trillion to $4.2 trillion a

If real income has risen from $4 trillion to $4.2 trillion and the price level went up

by 10 percent, by how much has the nominal income risen?

a $440 billion

b $400 billion

c $360 billion

d none of the above

If real income has risen from $4 trillion to $4.2 trillion a