The aggregate quantity of goods and services produced will decrease at every price level when resource price rises
a. True
b. False
Indicate whether the statement is true or false
True
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Physical or technological facts are by themselves never sufficient to measure efficiency because
A) what is efficient changes over time. B) efficiency is a ratio between evaluations. C) more complex technological processes are inevitably more efficient. D) physical or technological data can never be known precisely. E) we can never be sure we are using the most advanced technology.
An appropriate fiscal policy response when aggregate demand is growing at a faster rate than aggregate supply is to decrease the money supply
Indicate whether the statement is true or false
Alvin's utility function is U = W. Barry's utility function is U = W2. Carl's utility function is U = W0.5. Each has wealth of only $100. An investment of that $100 has a 10% chance of netting $1,000 and a 90% chance of netting a loss of that $100
Who among the three will make the investment?
In the market for land as a resource, the demand curve is elastic while the supply curve is perfectly inelastic. Identify the underlying assumption
a. There are limited ways in which land can be used as a resource. b. Land as an input has large number of substitutes. c. There is a fixed supply of land. d. Land includes all immovable assets. e. The productivity of land improves over time.