Increases in the quality and quantity of an economy's resources have little effect on its potential output in the long run
a. True
b. False
Indicate whether the statement is true or false
False
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Long lags associated with the legislative process in implementing fiscal policy make it more difficult to use than monetary policy
Indicate whether the statement is true or false
A fixed exchange rate is:
a. determined by the forces of supply and demand. b. the value of a nation's money in gold. c. the value of a nation's money determined by the World Bank. d. none of these.
Related to the Economics in Practice on p. 6: The opportunity cost to Apple of having the hard drive produced in Japan by Toshiba is
A. the wages paid to Japanese workers. B. the value-added captured by Apple in the United States. C. the components of the hard drive which are not produced by Toshiba. D. having the hard drive produced by the next best available company.
Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.Equilibrium in this market occurs at the intersection of curves S and D.
Figure 4.6Refer to Figure 4.6. Producer surplus changes by the area [E + F] if price goes from equilibrium to
A. P1. B. P3. C. < P1. D. > P3.