Which of the following examples represents a fixed-proportion production system with capital and labor inputs?
A) Clerical staff and computers
B) Airplanes and pilots
C) Horse-drawn carriages and carriage drivers
D) all of the above
D
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Since 1960, the only period of several years when the full-employment government budget deficit was negative (that is, there was a full-employment surplus) was
A) from 2000 to 2005. B) the late 1990s and early 2000s. C) the mid-1980s. D) the early 1970s.
Answer the following questions:
a. What does GDP measure, and why is it a useful tool for economists, business decision makers, and government policy makers? b. Explain at least two important things GDP does not measure.
The law of comparative advantage explains which of the following?
What will be an ideal response?
An increase in demand will lead to a decrease in supply in the long run.
Answer the following statement true (T) or false (F)