The greater the elasticity of supply of a resource the greater is its economic rent
a. True
b. False
Indicate whether the statement is true or false
False
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If the United States' maximum possible output of any one good is produced, given the output of other goods, we have attained ____________.
Fill in the blank(s) with the appropriate word(s).
In the real business cycle model, business cycles are
a. efficient and do not represent lost output. b. driven by technology shocks. c. occur when markets clear. d. all of the above. e. None of the above
When salaries are paid more frequently, the velocity of money speeds up because individuals hold more cash
a. True b. False Indicate whether the statement is true or false
Equilibrium price in international trade is the common price between exporting and importing countries
a. True b. False Indicate whether the statement is true or false