At each point on the line of income equality, the percentage of total population and the percentage of total income are equal
a. True
b. False
Indicate whether the statement is true or false
True
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The figure above represents the production possibilities frontier for a country
a) The nation is currently producing at point B and wants to move to point C. What is the opportunity cost of the move? b) The nation is currently producing at point B and wants to move to point A. What is the opportunity cost of the move?
In surveys about inflation during the 1990s, what percentage of professional economists answered “Fully agree” that preventing high inflation was a highly important national priority?
a. 18% b. 33% c. 52% d. 75%
Most developed countries experience deficit spending.
Answer the following statement true (T) or false (F)
When the actual rate of inflation is less than the expected rate:
A. the unemployment rate will temporarily rise. B. firms will increase their output to recoup their falling profits. C. the unemployment rate will temporarily fall. D. firms will experience rising profits and thus increase their employment.