When people buy land, their purchases are included in GDP
a. True
b. False
B
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Use the following table to answer the next question.OutputTotal Cost0$10120228338453573698The total variable cost associated with the production of 5 units of output is
A. $14.60. B. $73.00. C. $10.00. D. $63.00.
Refer to Figure 27-5. In the dynamic model of AD-AS in the figure above, if the economy is at point A in year 1 and is expected to go to point B in year 2, Congress and the president would most likely
A) increase taxes. B) increase oil prices. C) increase government spending. D) lower interest rates. E) decrease government spending.
At the outset of the Civil War, _______________ had a significant advantage in arms production; however, ____________ was able to increase production more rapidly
a. the South; the North b. the North; the South c. neither the North nor the South; the North d. the North; the North also
If the actual price level is lower than the expected price level, the economy will contract in the short run
a. True b. False Indicate whether the statement is true or false