One reason a country does not specialize completely in production is that production of most goods involves increasing opportunity costs
Indicate whether the statement is true or false
TRUE
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Which of the following is consistent with the classical theory of growth?
A) permanent increases in real wages B) permanent growth in productivity C) rapid population growth in poor countries D) permanent increases in living standards
The government's fiscal policy is its plan to regulate aggregate demand by manipulating: a. the money supply
b. taxation and government purchases. c. the treasury. d. the energy department.
What effect have Medicare subsidies had on the consumption of medical services?
A. The consumption of medical services has increased because Medicare subsidies give people the incentive to seek more care than they would otherwise. B. The effect cannot be measured because it is difficult to quantify the amount of resources devoted to our health care system. C. The consumption of medical services has been unaffected, because people don't consider the financial cost when seeking services related to their health. D. The consumption of medical services has been unaffected, because government restrictions have prevented patients from seeking a level of care above and beyond what they would choose if they had to pay for medical treatment out of pocket.
If the government stops enforcing its collusion laws and oligopolies are now able to collude, they will ________ the price charged and ________ the total output produced.
A. decrease; increase B. decrease; decrease C. increase; decrease D. increase; increase