According to the classical view, the economy will not self-adjust to deviations from its long-term growth trend.
Answer the following statement true (T) or false (F)
False
The classical view holds that the economy will self-adjust to its long-term trend.
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Which of the following is characteristic of indifference curves?
A. They are negatively sloped. B. They never intersect. C. They are convex toward the origin. D. All of the responses are correct.
In economics, ________ means a shortage or insufficient amount of supply
a. Scarcity b. Supply considerations c. Leveraging d. Risk
When the price of gasoline is $2.20 per gallon, 11 million gallons are demanded, and when the price of gasoline goes up to $2.60 per gallon, 10 million gallons are demanded. The gasoline in this range has a(n)
A) elastic demand. B) inelastic demand. C) unit elastic demand. D) perfectly elastic demand.
The largest component of consumption spending is spending on nondurable goods
Indicate whether the statement is true or false