Increases in investment exceed increases in output because of the multiplier effect
Indicate whether the statement is true or false
FALSE
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Is it theoretically possible for general equilibrium to be attained? Is it likely that general equilibrium will be attained? Explain
What will be an ideal response?
A market situation in which a large number of firms produce similar but not identical products is called
A) pure monopoly. B) monopolistically competitive. C) oligopolistic behavior. D) perfectly competitive.
People sometimes act differently in different settings. An economist is likely to explain this by saying
A) the benefits and costs of certain behaviors can be different in different settings. B) people are hard to figure out. C) people behave as others behave. D) it is hard to figure out what makes people tick. E) none of the above
When you purchase the lower-priced store brand bread instead of the more expensive name brand, you are experiencing
A) the substitution effect. B) the income effect. C) a fall in total utility. D) diminishing marginal product.