Whenever the economy is producing the maximum amount of goods given the level of technology and the amount of resources
A) the number of resources used should be decreased since society must protect its scarce resources.
B) the concept of opportunity costs does not exist.
C) more goods will be available than customers want to buy.
D) the economy is producing efficiently.
D
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Most of the LDCs are:
A. located primarily in Northern Europe. B. located primarily in Western Europe. C. located primarily in Africa. D. more or less evenly distributed over the various continents.
The quantity of money demanded will increase as interest rates increase.
Answer the following statement true (T) or false (F)
Firms ________ in monopolistic competition due to product differentiation.
A. gain control over price B. have blocked entry C. have no control over price D. are limited in number
The amount by which an aggregate expenditures schedule must shift upward to achieve the full-employment GDP is a(n):
A. Inflationary expenditure gap B. Recessionary expenditure gap C. Expenditure multiplier gap D. Negative net export gap