If using the same resources, the U.S. workers can produce more of any good than Mexican workers, then the United States should produce every good
a. True
b. False
Indicate whether the statement is true or false
False
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An incentive is
A) a reward or a penalty that encourages or discourages an action. B) when people make rational choices by comparing costs and benefits. C) what you must give up to get something. D) a choice is made on the margin. E) a good or service that satisfies wants.
Refer to Table 7.1. In this simple economy, M1 equals
A) $2,500. B) $2,600. C) $4,800. D) $12,400.
Which of the following is true of the shape of the short-run Phillips curve? a. It is vertical
b. It is horizontal. c. It is downward sloping. d. It is upward sloping.
When interest rates in a given economy are reduced, it causes firms to employ __________ capital goods. In terms of the production function (graphed with labor on the horizontal axis and Real GDP on the vertical axis), this then causes ____________________
A) more; the production function to shift upward B) less; the production function to shift downward C) more; a movement up along a given production function D) more; a movement down along a given production function