This is another all-or-nothing question. In a supply-driven economy, which of the following statements are correct? Select all correct statements: Select one or more: O a. output is produced by a production function. O b. demand creates its own supply. O c.if the economy is closed, what is not consumed by households or governments is invested in new capital. O d. higher saving raises incomes in the future.

This is another all-or-nothing question. In a supply-driven economy, which of the following statements are correct? Select all correct statements: Select one or more: O a. output is produced by a production function. O b. demand creates its own supply. O c.if the economy is closed, what is not consumed by households or governments is invested in new capital. O d. higher saving raises incomes in the future.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In a supply-driven economy, which of the following statements are correct? Select all correct statements: Select one or more: Oa. output is produced by a production function. Ob. demand creates its own supply. O c. if the economy is closed, what is not consumed by households or governments is invested in new capital. O d. higher saving raises incomes in the future.
In a supply-driven economy, which of the following statements are correct? Select all correct statements: Select one or more: a. output is produced by a production function. b. demand creates its own supply. c. if the economy is closed, what is not consumed by households or governments is invested in new capital. O d. higher saving raises incomes in the future.
Which one of the following does NOT represent a key macroeconomic variable? O A. The population growth rate. O B. Gross Domestic Product (GDP). O C. The inflation rate. O D. The unemployment rate.
In a microeconomic model, how would you differentiate between an 'exogenous' variable and an 'endogenous' variable? O Endogenous variables are those determined within the model, while exogenous variables are given from outside the model. O Exogenous variables are those which economists do not study, while endogenous variables are heavily studied. O Exogenous variables are variables that economists cannot measure, while endogenous variables are measurable. Exogenous variables cannot influence endogenous variables in any economic model. O More than one of the above.
Which of the following is NOT an objective of macroeconomics? O A. A high and growing level of national output. O B. High employment with low unemployment. O C. A higher salary for municipality workers. O D. A stable or gently rising price level.
An economy produces two goods, clothing and petroleum. Which of the following would explain a pivot inwards along the petroleum аxis? Select one: O a. a productive improvement in clothing production that has no effect on petroleum production O b. an increase in the size of the labor force that can produce either petroleum products or clothing O c. major oil reserves in Alaska are declared off-limits to producers in order to protect the environment O d. major oil reserves are discovered off the coast of Africa Oe. a productive improvement in petroleum production that has no effect on clothing production
In the Solow growth model with population growth and technological progress, the economy experiences a 5 per cent "labour-augmenting technological progress" if: Select one: O a. the economy grows by 5 per cent while the population stays the same. O b. the economy and the population grows by 5 per cent O c. the economy does not grow while the population grows by 5 per cent. O d. the population grows by 5 per cent.
QUESTION 40 Which of the following will reduce the magnitude of the accelerator? O a. A lower multiplier. O b. Expectations of accelerating growth in future demand. O c. Firms have spare capacity. O d. Firms operate at full capacity
An increase in interest rates might encourage saving because more can be earned in interest income Select one: O True O False
If an economy is producing a level of output which is lower than the equilibrium level, planned expenditures total output and goods and services are being produced than are being demanded. Select one: O a. exceed; more O b. are less than; fewer Oc. exceed: fewer O d. are less than; more
An economy is producing two goods, chocolate and cookies, and is currently operating efficiently. Under what circumstances can this economy produce more chocolate? O if it increases the price of chocolate if it produces fewer cookies if it increases the price of cookies if more of the economy's resources,become idle
In 2001, the United States was in recession. Which of the following things would you not expect to have happened? Select one: O increased layoffs and firings a higher rate of bankruptcy O increased claims for unemployment insurance O increased investment spending