In order to conclude that markets are efficient, we assume that they are perfectly competitive
a. True
b. False
Indicate whether the statement is true or false
True
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An increase in the income tax ________ potential GDP by shifting the labor ________ curve ________
A) decreases; demand; leftward B) increases; demand; rightward C) decreases; supply; rightward D) decreases; supply; leftward E) increases; supply; rightward
Suppose that in Germany, the opportunity cost of producing a gallon of beer is 5 gallons of wine. In Italy, the opportunity cost of producing a gallon of beer is 3 gallons of wine
a. What is the opportunity cost of producing a gallon of wine for Germany? b. What is the opportunity cost of producing a gallon of wine for Italy? c. Which country has a comparative advantage in the production of beer? d. Which country has a comparative advantage in the production of wine?
Stagflation is a situation with high unemployment rates, high inflation rates, and little or no growth in the economy
a. True b. False Indicate whether the statement is true or false
Total revenue is equal to quantity multiplied by average revenue
a. True b. False Indicate whether the statement is true or false