The primary means of achieving long-run economic growth is:
A. increased capacity utilization, which is represented by a movement from a point inside the production possibilities curve to a point on the curve.
B. movement from an undesirable point on a given production possibilities curve to a more desirable point on a given production possibilities curve.
C. an emphasis on macroeconomic stabilization.
D. represented by changes in a nation's productive capacity, represented by an outward shift of the production possibilities curve.
D. represented by changes in a nation's productive capacity, represented by an outward shift of the production possibilities curve.
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If a firm increases its prices when the demand is inelastic, then the firm will see
A. an increase in revenues. B. a decrease in revenues. C. no change in revenues. D. no effect on the sales of its product.
Which of the following is not a characteristic of cost-push inflation?
A. Falling unemployment B. Falling real output C. Automatically self-limiting D. Rising general price level
Advances in medical practice have increased both expected lifespans and medical expenditures. What does the life-cycle hypothesis predict as the macroeconomic consequences?
What will be an ideal response?
If the supply curve decreases while the demand curve remains unchanged, the equilibrium price would decrease
a. True b. False Indicate whether the statement is true or false