Scarcity of resources implies that people must make decisions consistent with the means they have available to them
a. True
b. False
Indicate whether the statement is true or false
True
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A report on the dangers of cholesterol would likely shift the demand curve for beef downward and to the left.
Answer the following statement true (T) or false (F)
Refer to the above figure. Government policy that moved the economy from A to B would be accomplished by
A) a contractionary fiscal policy combined with an expansionary monetary policy. B) an expansionary fiscal policy combined with a contractionary monetary policy. C) a contractionary policy that would reduce the rate of inflation and would cause workers to remain unemployed longer than they were before. D) raising the minimum wage.
Economists assume that rational people do all of the following except
A) undertake activities that benefit others and hurt themselves. B) respond to economic incentives. C) use all available information as they act to achieve their goals. D) weigh the benefits and costs of all possible alternative actions.
Exhibit 14A-6 Aggregate demand and supply model
?
Given the shift of the aggregate demand curve from AD1 to AD2 in Exhibit 14A-6, the real GDP and price level (CPI) in long-run equilibrium will be:
A. $10 billion and 200. B. $4 billion and 150. C. $10 billion and 150. D. $10 billion and 100.