Which statement is true?
A. Frederic Bastiat's "Petition of the Candlemakers to Shut Out the Sun" was a plea for free trade.
B. Frederic Bastiat's "Petition of the Candlemakers to Shut Out the Sun" was a plea for protection.
C. Dollars are used for all international transactions.
D. None of these statements are true.
A. Frederic Bastiat's "Petition of the Candlemakers to Shut Out the Sun" was a plea for free trade.
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"The short-run Phillips curve shifts leftward when the inflation rate rises." Is the previous statement correct or incorrect?
What will be an ideal response?
The law of diminishing marginal returns states that
a. long-run average cost declines as output increases b. if the marginal product is above the average product, the average will rise c. as units of a variable input are added to a given amount of fixed inputs, the marginal product of the variable input eventually diminishes d. as a person consumes more of a good, the marginal satisfaction from that good eventually diminishes e. if marginal product is positive, total product rises
If two economists disagree on an issue and their disagreement is based on personal value judgments, then this controversy is a normative one
a. True b. False
Using the expenditure approach, gross domestic product equals:
A. gross national product. B. the sum of consumption, investment, government purchases. C. the sum of consumption, investment, government purchases, and net exports. D. gross national product minus net exports.