From the late 1860s until 1907 the U.S. averaged a four percent or more increase in the real value of the goods and services produced
Indicate whether the statement is true or false
True
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Given the data in the table below, what is the short-run profit-maximizing level of output for the perfectly competitive firm?OutputTotal RevenueTotal Cost1$4$228331264161052015
A. 2 units B. 3 units C. 4 units D. 5 units
Suppose new oil reserves are discovered that were not previously known. What happens to the user cost of oil?
A) Decreases B) Increases C) Remains the same D) May increase or decrease, depending on the discount rate
Which of the following is an example of a seller?
a. Abrams, Kent, and Wallace, Ltd. provide legal services. b. Charles obtains a part for his automobile. c. Optics, Inc. updates their lens-making equipment. d. Solar, Ltd. hires a top salesperson for its new line of products.