Exam 3: Thinking Like an Economist

In the balanced growth equation, s represents

If the flow of net taxes to government is greater than the flow of government purchases, the government budget is said to be in _______ and the government must _________in the financial markets.

Each of the following are consequences of the fact that economics deals with human behavior except

Growth will be balanced if and only if

Each of the following is part of an economy's production function except

According to the Phillips Curve, in the short-run

Use the Cobb-Douglas production function to answer this question. Suppose that the capital-labor ratio is raised to the power 1/2. If nothing else changes and if the capital-labor ratio grows at 3% per year, then output per worker

Each of the following is one of the four dominant concepts of the rhetoric of economics except

The components of aggregate demand are

Each of the following is part of the equilibrium condition for balanced growth except

If the level of consumption spending increases,

___________ is at the core of economists' model building.

If the level of imports increases,

In the balanced growth equation, g represents

The Phillips Curve

Each of the following is part of the equilibrium condition for balanced growth except

Output per unit of labor (Y/L) will _______ if ______________.

Expectations contributed to the Great Depression because

Which of the following represents the components of household income?

In the balanced growth equation, n represents