Answer the following statements true (T) or false (F)
1. An increase in the labor supply due to immigration would shift the production possibilities curve to the left.
2. A nation's consumption is strictly limited by its production possibilities, even with international trade.
3. If two sets of data are inversely related, they will appear on a graph as an upward-sloping line.
4. If A is the dependent variable and B is the independent variable, then a change in A results in a change in B.
1. Answer: False
2. Answer: False
3. Answer: False
4. Answer: False
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In the long run, constant returns to scale necessarily occur when the firm increases its production and the firm's
A) total cost increases. B) total cost does not change. C) average total cost increases . D) average total cost does not change. E) production increases by more than does the firm's total cost.
Refer to Figure 28-2. Suppose the economy is at point B in the figure above. Which of the following is true?
A) The economy is producing at potential GDP. B) The expected rate of inflation is 3%. C) The natural rate of unemployment is 3.8%. D) The current unemployment rate is 5%. E) Expected inflation and actual inflation are the same.
The change in the quantity of aggregate output demanded depends on how much the aggregate expenditure line shifts, not on which spending component causes the shift
Indicate whether the statement is true or false
What is the maximum amount of good X that can be purchased if X and Y are the only two goods available for purchase and Px = $10, Py = $20, Y = 5, and M = 400?
A. 40 B. 80 C. 30 D. 20